Flagstar Bank announced it has received approval from the Office of the Comptroller of the Currency to finalize its acquisition of eight Desert Community Bank branches from East West Bank by the end of the first quarter of 2018.
As previously reported, the company said that the acquisition fits into the company’s strategic goal of acquiring deposit franchises to fund loan growth.
According to Flagstar, the branches, all located in San Bernardino County, Calif., have approximately $600 million in deposits and $70 million in loans. Flagstar said that “certain related assets” were also included in the deal.
“With this franchise, we acquire $600 million in deposits and $70 million in loan relationships. We are looking forward to welcoming the Desert Community Bank branch team to Flagstar by the end of the quarter,” said Alessandro DiNello, president and chief executive officer of Flagstar.
