Michigan-based Flagstar Bancorp Inc. announced June 5 it plans to acquire 52 Wells Fargo Bank branches in Indiana, Michigan, Wisconsin and Ohio, with approximately $2.3 billion in deposits and $130 million in loans, along with other related assets.
“We’re excited to welcome the Wells Fargo employees and customers to Flagstar Bank,” said Alessandro DiNello, president and chief executive officer of Flagstar Bancorp Inc. “Wells Fargo’s primary goal throughout the negotiation of this transaction has been to make sure its customers and employees experience a seamless transition to Flagstar, and we will ensure that happens.”
A total of 33 of the 52 Wells Fargo locations are in Indiana, including four in South Bend and one in LaPorte.
By the time the deal closes, Flagstar expects to have 151 branches in the Midwest and eight in California. The deal, which still requires regulatory approval, is expected to close by the fourth quarter of this year, Flagstar said in a statement.
Flagstar said the deal expands the bank’s Midwest footprint and doubles its customer base.
Flagstar said the branches which it is acquiring will operate under the Wells Fargo brand until the deal closes. Flagstar intends to keep all branches and retain all 487 Wells Fargo employees, which includes 334 in Indiana.
Flagstar Bancorp Inc. is a $17.7 billion savings and loan holding company with 99 branches in Michigan and 8 branches in California through its Desert Community Bank division.
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