TROY, Mich., Feb. 20, 2018 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) today announced that its wholly owned subsidiary Flagstar Bank, FSB, has signed a definitive agreement to purchase a mortgage warehouse loan portfolio from Santander Bank. As part of this transaction, Flagstar will hire the existing relationship managers, adding depth and experience to its warehouse business. Terms of the transaction were not disclosed.
"We are pleased to welcome the Santander warehouse lending team to Flagstar," said Alessandro DiNello, president and chief executive officer of Flagstar Bancorp, Inc. "We've been a warehouse lender for over 20 years and are excited about the opportunity to strengthen and diversify our mortgage warehouse business. It also allows us to leverage our experience and bring our quality service to more customers in the mortgage marketplace. For our new customers, it means more product choices, including eNotes."
The acquisition is expected to close in the first quarter of 2018.
Flagstar Bancorp, Inc. (NYSE: FBC) is a $16.9 billion savings and loan holding company headquartered in Troy, Mich. Its wholly owned subsidiary Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 89 retail locations in 29 states, representing the combined retail branches of Flagstar Bank and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $98 billion of home loans representing over 442,000 borrowers. For more information, please visit flagstar.com.
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Flagstar Bancorp, Inc.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements can be found in periodic Flagstar reports filed with the U.S. Securities and Exchange Commission, which are available on the Company's website (flagstar.com) and on the Securities and Exchange Commission's website (sec.gov). Other than as required under United States securities laws, Flagstar Bancorp does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
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SOURCE Flagstar Bancorp, Inc.