Flagstar Acquires Wells’ Assets in Four States


Posted To: MND NewsWire

Wells Fargo continued to shrink its retail banking footprint this week with the sale of its banking branches in Indiana, Michigan, Wisconsin, and Ohio. The 52 branches will be acquired by Troy Michigan-based Flagstar Bank. Bloomberg reported in January that Wells Fargo had closed or consolidated more than 200 branches in 2017 and expects to close around 850 more by the end of 2020, leaving it with 5,000. A press release from Flagstar Bancorp, Inc., said its Flagstar Bank. FSB subsidiary had signed a definitive agreement to acquire the branches which have approximately $2.3 billion in deposits and $130 million in loans, along with certain related assets. The purchase includes 33 locations in Indiana, including 26 branches in Fort Wayne, 14 branches in the Upper Peninsula of Michigan, four locations…(read more)

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