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Flagstar acquisition by NY bank builds muscle outside of fickle mortgage sector

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.

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