TROY, Mich., March 19, 2018 /PRNewswire/ -- Flagstar
Bancorp, Inc. ("Company," NYSE: FBC) today reported that its wholly
owned subsidiary Flagstar Bank, FSB, has closed its previously
announced transaction to acquire eight Desert Community Bank
branches in San Bernardino County,
Calif., with approximately $600
million in deposits, from East
West Bank along with certain related assets. Terms of the
transaction were not disclosed.
"We're happy to welcome the customers and employees of Desert
Community Bank to the Flagstar family," said Alessandro DiNello, president and chief
executive officer of Flagstar Bancorp, Inc. "Customers can expect
the same relationship banking they are accustomed to, delivered by
the talented team of Desert Community bankers they know so well. In
fact, we plan to bring enhancements to our customers' banking
experience with more products and services.
"We're especially pleased to have Desert Community's experienced
bankers onboard to continue their tradition of great customer
service and community support. Community matters to Flagstar, as it
always has to Desert Community Bank. That's why we have every
intention of not just maintaining Desert Community's legacy of
community investment, but expanding it."
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $16.9 billion savings and loan holding company
headquartered in Troy, Mich. Its
wholly owned subsidiary Flagstar Bank, FSB, provides commercial,
small business, and consumer banking services through 99 branches
in the state. It also provides home loans through a wholesale
network of brokers and correspondents in all 50 states, as well as
89 retail locations in 29 states, representing the combined retail
branches of Flagstar Bank and its Opes Advisors mortgage division.
Flagstar is a leading national originator and servicer of mortgage
loans, handling payments and record keeping for $98 billion of home loans representing over
442,000 borrowers. For more information, please visit
flagstar.com.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of Flagstar Bancorp, Inc.'s management and are subject
to significant risks and uncertainties. Actual results may differ
from those set forth in the forward-looking statements. Factors
that could cause the Company's actual results to differ materially
from those described in the forward-looking statements can be found
in periodic Flagstar reports filed with the U.S. Securities and
Exchange Commission, which are available on the Company's website
(flagstar.com) and on the Securities and Exchange Commission's
website (sec.gov). Other than as required under United States securities laws, Flagstar
Bancorp does not undertake to update the forward-looking statements
to reflect the impact of circumstances or events that may arise
after the date of the forward-looking statements.
For further information
ANALYSTS: David Urban, Senior
Vice President & Director, Investor Relations, (248)
312-5970
MEDIA: Susan Bergesen,
Corporate Communications, (248) 312-6237
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SOURCE Flagstar Bancorp, Inc.