Flagstar acquisition by NY bank builds muscle outside of fickle mortgage sector
Both banks tout increased diversity in business operations
Little overlap in terms of geography, books of business
Flagstar Bank
The acquisition of Flagstar Bank by New York Community Bank allows for both lenders to move beyond their traditional savings and loan models
Lots of money and increased diversification in business portfolios.
That s the hope for the $2.6 billion acquisition of Flagstar Bancorp. in Troy by New York Community Bancorp. in the New York City metro area.
Flagstar Bank and it s well-renowned residential mortgage lending business will serve as the vehicle to allow New York Community Bank to transform from a traditional savings and loan to a dynamic commercial banking organization, according to Tom Cangemi, president and CEO of New York Community Bank, headquartered in Westbury, N.Y.
New York Community Bancorp, the city s largest apartment lender, will dial down its exposure after buying Michigan-based Flagstar Bancorp crainsnewyork.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crainsnewyork.com Daily Mail and Mail on Sunday newspapers.