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Troy-based Flagstar to be bought by N.Y. Community Bancorp in $2.54B deal
Steve Dickson
New York Community Bancorp agreed to buy Michigan’s Flagstar Bancorp Inc. in an all-stock deal with an equity value of about $2.54 billion.
Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share they own, the two companies said Monday in a statement.
U.S. regional banks have been merging to grapple with low interest rates, weak loan demand and the need to boost technology spending. Pressure is coming from giants such as JPMorgan Chase & Co., which is moving into new states and spending billions annually on digital offerings. Last week, Webster Financial Corp. agreed to purchase Pearl River, New York-based Sterling Bancorp in an all-stock transaction that valued the target at $5.14 billion.
New York Community to buy Flagstar for $2 6 billion americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
Troy-based Flagstar Bancorp acquired by N.Y. bank in $2.6B deal; Some banks to keep Flagstar name
Posted at 7:41 AM, Apr 26, 2021
and last updated 2021-04-26 07:41:25-04
TROY, Mich. (WXYZ) â Troy-based Flagstar Bankcorp announced Monday it will be acquired by New York Community Bancorp in a $2.6 billion deal.
According to Flagstar, the two companies will combine in an all-stock merger with its main headquarters on Long Island and regional headquarters in Troy, which will include Flagstar s mortgage operations.
The Flagstar Bank brand will be maintained in the Midwest as well as the Flagstar mortgage division. All other banks will keep their current branding.