After finalizing its acquisition of Santander Bank's mortgage warehouse portfolio just over a week ago, Flagstar Bank announced Monday it has finalized the purchase of eight branches of Desert Community Bank in San Bernardino County, Calif.
Flagstar purchased the branches, which have approximately $600 million in deposits, along with certain related assets from East West Bank, to grow its presence in California. Terms of the transaction were not disclosed.
"We're happy to welcome the customers and employees of Desert Community Bank to the Flagstar family," said Alessandro DiNello, president and chief executive officer 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."
This acquisition is the latest update in a series of moves made by Flagstar. In addition to recently acquiring Santander's mortgage warehouse portfolio, the bank announced in January that it was expanding its consumer direct lending operation by adding a team from Capital One. In 2017, the company acquired Stearns Lending’s delegated correspondent lending business. In May, Flagstar closed on its acquisition of “certain assets” of Opes Advisors, a full-service mortgage bank and financial advisory firm.
"We're especially pleased to have Desert Community's experienced bankers onboard to continue their tradition of great customer service and community support,” DiNello added. "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."