Troy-based Flagstar Bancorp Inc. today announced the signing of a definitive agreement to acquire certain assets of Opes Advisors Inc. Under the deal, Flagstar will operate Opes Advisors as a separate division with its own brand, providing a strategic expansion to Flagstar’s retail home lending franchise. Terms of the deal were not disclosed.
Opes Advisors’ mortgage banking business generates revenue from 39 retail locations in California, Oregon, and Washington. In 2016, the company’s 160 mortgage advisors produced approximately $3 billion in mostly purchase organizations. The company also has a wealth advisory arm that has approximately $325 million in assets under management.
“We’re excited about teaming up with a first-class retail originator like Opes Advisors,” says Alessandro P. DiNello, Flagstar’s president and CEO. “They’re a strong fit with our strategic goal of growing our retail mortgage business and a good fit culturally. We like the deep mortgage experience of their management team; we like their strong purchase mortgage origination focus; and we like their long track record of success.”
Susan McHan, CEO, co-founder, and president of Opes Advisors’ Mortgage Bank. says “Flagstar has the industry knowledge and resources to invest in and grow our people and the business. We’re confident our team, our mortgage advisors, and our wealth advisors will not only find Flagstar culturally compatible, but also the team is genuinely committed to our continued success.”
Keefe, Bruyette, and Woods served as the financial advisor to Opes, and Sheppard, Mullin, Richter, and Hampton served as its legal counsel. BuckleySandler served as legal counsel to Flagstar. The transaction is subject to customary closing conditions. The deal is expected to close in the next 30 days.