Flagstar Bank Makes Big Indiana Play

Posted: Updated:
(Image courtesy of Flagstar Bank.) (Image courtesy of Flagstar Bank.)
TROY, Michigan -

Michigan-based Flagstar Bancorp Inc. (NYSE: FBC) has agreed to acquire 33 Wells Fargo Bank branches in Indiana. The deal also involves 19 banking locations in Michigan, Wisconsin and Ohio. The transaction is expected to close in the fourth quarter.

The vast majority of the Indiana branches are in Fort Wayne, where Flagstar says Wells Fargo holds the number one share of the market. Flagstar currently has 99 branches in Michigan and eight in California.

Financial details of the agreement were not immediately available. Flagstar says the 52 branches will remain under the Wells Fargo name until the deal is complete, then will immediately switch to the Flagstar brand. The bank plans to retain all branches and employees.

Flagstar Chief Executive Officer Alessandro DiNello says "being able to increase our presence in the Midwest market - a geography we know well and find very attractive - is a terrific opportunity for us. This transaction significantly expands our banking footprint, more than doubling our customer base. We're also excited about the opportunity to meaningfully transform the bank's balance sheet, while benefiting from funding that's both more efficient and less sensitive to rising interest rates. This acquisition strengthens our funding platform and enhances franchise value."

The deal still needs regulatory approval.

  • Perspectives

    • Patten is managing partner of Patten Consulting Group.

      How Murray The Cat Improved My Management Perspective

      Strategic planning likely occupies a fair amount of your time right now, particularly in the fourth quarter of an unusual year. As 2019 nears, so does talk of a possible recession, a renewed presidential election cycle and other issues that may be driving an urgent sense of a need for change at your company or organization. As one with several years in C-level executive positions, I've been brought in to...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • $25M Behavioral Hospital Coming to Central Indiana

      Danville-based Hendricks Regional Health is partnering with US HealthVest to develop a stand-alone behavioral center on the Hendricks campus in Plainfield. Known as the Indianapolis Behavioral Hospital, the facility will provide specialized inpatient and outpatient mental health care to patients of all ages.

    • Bags From Train Seats Put PUP in National Marketplace

      An Indianapolis-based nonprofit that creates wallets, handbags and backpacks from reclaimed materials is launching a nationally-focused line of products for the first time. People for Urban Progress, which sells hand-made items from materials including the fabric from the old Hoosier Dome and signage from when Indianapolis hosted the Super Bowl, is repurposing leather from the seats in Amtrak's Boston to Washington D.C. Acela Express trains. The new line includes...

    • The Impact of Technology on Economic Development Policy

      In a world where technology is enabling almost everything, economic development policy makers are faced with several challenges when planning and implementing strategies for economic growth. Communities, regions and states must be able to adapt programs and initiatives to address the economic disruption caused by technology. In particular, investments in tech and talent are vital to ensuring economic growth and wealth creation for residents and businesses throughout the world.

    • Indy, Atlanta Vie For Future FFA Conventions

      As the National FFA kicks of its National Convention and Expo in Indianapolis this week, the organization, and Indy convention planners, have an eye to what city will host future events. The 91st edition of the FFA convention is expected to attract nearly 70,000 attendees from every state in the nation, and pack a $40 million economic impact in the region. The lucrative event is committed to Indianapolis through 2024. Chief Executive Officer Mark Poeschl says...

    • United Way Names VP of Public Policy

      United Way of Central Indiana has named Mindi Goodpaster vice president of public policy. She will lead the organization's work to advocate for public policies that help eliminate barriers to education, financial stability, health and basic needs in our community. Goodpaster previously served as director of public policy and advocacy for the Marion County Commission on Youth.