Flagstar Bancorp, Inc. FBC,
("Flagstar"), the holding company for Flagstar Bank, FSB (the "Bank"), today
announced that, effective February 5, 2013, the Bank has entered into a
definitive Asset and Portfolio Purchase and Sale Agreement (the "Agreement")
under which Customers Bank ("Customers") will acquire substantially all of
Flagstar's remaining Northeast-based commercial loan portfolio.
Under the terms of the Agreement, Customers will acquire $187.6 million in
commercial loan commitments, of which $150.9 million is currently outstanding.
The loans sold consist primarily of commercial and industrial loans.
Flagstar expects that the total purchase price will be approximately $148.9
million, which represents 98.7% of the outstanding balance.
Flagstar expects that a vast majority of these assets will be transferred
during the first quarter 2013. Upon completion of these transfers, and
completion of the transfers associated with the Northeast-based commercial
loan sale previously announced on January 2, 2013, Flagstar expects its
remaining Northeast-based commercial loan portfolio balance to be
approximately $19.3 million. As part of the Agreement, and subject to receipt
of customary third party consents, Customers will also assume the leases for
two of Flagstar's commercial banking offices in the Northeast.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsAsset Sales
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in