Flagstar Bank recently announced that it has closed on a deal to acquire 52 Wells Fargo bank branches in four Midwestern states. The branches include approximately $2 billion in deposits, along with other related assets.
“We are excited to welcome the customers and employees of the 52 Wells Fargo Bank branches who joined the Flagstar family over the weekend,” Flagstar Bancorp President and CEO Alessandro DiNello said in a press release. “We are eager to bring Flagstar's brand of custom-crafted banking solutions to our new customers — all delivered by our new team of talented bankers. They share our tradition of superior customer service and commitment to the community. Our thanks to the teams on both sides who worked so hard to bring this transaction to a successful conclusion.”
The purchase includes 33 branches in Indiana, 26 of which are in Fort Wayne, Ind., and 14 branches in the Upper Peninsula of Michigan, making Flagstar No. 1 in market share in both regions, according to a Flagstar press release. It also includes four locations in Wisconsin and one in Ohio.
Flagstar Bank is a wholly owned subsidiary of Flagstar Bancorp, which announced the pending acquisition in June. At that time, the company stated that the branches immediately would be re-branded as Flagstar branches once the deal was closed and that it intended to keep all branches and retain all employees at closing.
Wells Fargo stated at the time that customers at the newly acquired branches would not be required to take any immediate action relating to the acquisition, and Wells Fargo and Flagstar will communicate with them in advance of any changes as they work together to care for customers and team members.
Headquartered in Detroit, Flagstar said it viewed the acquisition as a chance to expand its Midwestern footprint, giving the company 151 branches in the region. It also has eight California-based branches.