Flagstar Bank To Acquire 52 Branches From Wells Fargo Bank - Quick Facts

(RTTNews) - Flagstar Bancorp, Inc. (FBC) announced that Flagstar Bank, FSB, has signed a definitive agreement 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 certain related assets. Flagstar will pay an effective deposit premium of approximately 7 percent based on balances as of December 31, 2017.

The branches to be acquired will operate as Wells Fargo branches until closing, and will be re-branded as Flagstar branches immediately upon closing of the transaction.

Flagstar Bancorp expects the transaction will be moderately accretive to 2019 earnings per share.