Flagstar Bancorp Inc., a top 20 mortgage lender that does business nationwide, is merging with the nation’s largest thrift, New York Community Bancorp Inc., in a $2.6 billion deal will give the combined company nearly 400 branches in nine states.
Inman Connect
Flagstar Bancorp Inc., a top 20 mortgage lender that does business nationwide, is merging with the nation’s largest thrift, New York Community Bancorp Inc., in a $2.6 billion deal will give the combined company nearly 400 branches in nine states.
Thomas R. Cangemi
New York Community’s president and CEO, Thomas R. Cangemi will lead the combined company, which will be heaquartered in Long Island, New York. Cangemi called Flagstar “a like-minded partner” that will provide a “diversified revenue stream, an improved funding mix, and leverage our scale and technology, as we transition away from a traditional thrift model.”
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Flagstar Bancorp to be acquired by New York bank in $2.6 billion deal
All-stock deal set to close before end of year
Flagstar among largest banks headquartered in Michigan
Troy-based Flagstar Bancorp. (NYSE:FBC) is set to be acquired by Westbury, N.Y.-based New York Community Bancorp Inc. (NYSE: NYCB) in an all-stock, $2.6 billion transaction, the banks said Monday.
The acquisition has already been unanimously agreed to by the boards of both banks, and pending further regulatory approvals and other customary closing conditions, is expected to close by the end of the year.
The combined lender will be headquartered on Long Island in the New York City metropolitan area, but maintain a regional headquarters in Troy, and the Flagstar brand will maintain its branding in the Midwest, according to the release. The new bank will have over $87 billion in assets and operate about 400 physical branches spread over nine states, as well as 87 loan production offices in 28 states.
DBusiness Magazine
Flagstar Bank in Troy Merges with New York Community Bancorp in $2.6B Deal
Flagstar Bancorp Inc. in Troy and New York Community Bancorp Inc. jointly announced today they have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger.
Flagstar Bancorp Inc. in Troy has entered into a definitive merger agreement under which it will merge with New York Community Bancorp Inc. Pictured is New York Community Bancorp Inc.’s online banking app. // Photo courtesy of New York Community Bancorp Inc.
Flagstar Bancorp Inc. in Troy and New York Community Bancorp Inc. jointly announced today they have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger.
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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