Flagstar Bancorp Inc. in Troy today reported it has closed a transaction to acquire eight Desert Community Bank branches in San Bernardino County, Calif., with approximately $600 million in deposits from East West Bank, along with certain related assets. Terms of the transaction were not disclosed.
“We’re happy to welcome the customers and employees of Desert Community Bank to the Flagstar family,” says Alessandro DiNello, president and CEO of Flagstar Bancorp Inc. “Customers can expect the same relationship banking they are accustomed to, delivered by the talented team of Desert Community bankers they know so well. In fact, we plan to bring enhancements to our customers’ banking experience with more products and services.
“We’re especially pleased to have Desert Community’s experienced bankers onboard to continue their tradition of great customer service and community support. Community matters to Flagstar, as it always has to Desert Community Bank. That’s why we have every intention of not just maintaining Desert Community’s legacy of community investment, but expanding it.”
Flagstar Bancorp Inc. is a $16.9 billion savings and loan holding company. Flagstar Bank, which provides commercial, small business, and consumer banking services through 99 branches in Michigan, is its wholly owned subsidiary. It also provides home loans in all 50 states.