Flagstar Bancorp announecs sale of remaining commercial loan portfolio Flagstar Bancorp announced that the Bank has entered into a definitive Asset and Portfolio Purchase and Sale Agreement under which Customers Bank will acquire substantially all of Flagstar's remaining Northeast-based commercial loan portfolio. Under the terms of the Agreement, Customers will acquire $187.6M in commercial loan commitments, of which $150.9M is currently outstanding. Flagstar expects that the total purchase price will be approximately $148.9M, 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, Flagstar expects its remaining Northeast-based commercial loan portfolio balance to be approximately $19.3M.
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