Flagstar Bank announced it finalized its acquisition of 52 Wells Fargo branches on Monday.
The branches are located across four Midwest states and include approximately $2 billion in deposits, along with certain related assets.
As previously reported, the bank branches are located in Indiana, Michigan, Ohio and Wisconsin. This move involves about 490 team members, all of whom will receive offers of employment from Flagstar.
"We are excited to welcome the customers and employees of the 52 Wells Fargo Bank branches who joined the Flagstar family over the weekend," said Alessandro DiNello, president and CEO of Flagstar. "We are eager to bring Flagstar's brand of custom-crafted banking solutions to our new customers – all delivered by our new team of talented bankers. They share our tradition of superior customer service and commitment to the community. Our thanks to the teams on both sides who worked so hard to bring this transaction to a successful conclusion."
This move was part of Wells Fargo’s previous announcement that it plans to reduce its retail bank branches by about 5,000 by the end of 2020 through consolidations and divestitures.
Financial terms of the deal were not disclosed.