Bank acquiring eight branches in California
A bank with a major presence in the region is acquiring eight branches from a California bank.
Troy-based Flagstar Bancorp said yesterday its subsidiary Flagstar Bank — which has numerous branches in West Michigan — signed an agreement to acquire the branches in San Bernardino County, California from Victorville, California-based Desert Community Bank, or DCB.
DCB holds about $600 million in deposits and $70 million in loans, along with certain related assets.
Terms of the transaction were not disclosed.
The transaction is subject to regulatory approval and customary closing conditions and is expected to close in the first half of 2018.
“I would like to welcome the Desert Community team to the Flagstar family,” said Alessandro DiNello, president and CEO, Flagstar Bancorp. “We've been looking to acquire a high-quality deposit franchise, but they’ve been difficult to find. The Desert Community (Bank) branches fit the bill.
“Expanding our deposit franchise into California made a lot of sense, because it's a state where we already do significant business.”
Flagstar Bancorp is a $16.9-billion savings and loan holding company.
Flagstar Bank provides commercial and consumer banking services through 99 branches in Michigan.
It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 95 retail locations in 27 states.