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News Breaks | | | | February 6, 2013 | | 09:02 EDT |  | FBC | 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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News For FBC From The Last 14 Days Check below for free stories on FBC the last two weeks. |
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| May 17, 2013 | | 08:08 EDT | | FBC | Flagstar Bancorp appoints Sandro DiNello CEO, Lee Smith as COO
Upon becoming CEO, DiNello will replace Michael Tierney as a director of the company and the bank. Tierney, who has served as CEO of both the Company and the Bank since November 2012 and as President of the Company since October 2012, will resume his role as the Bank's Executive Vice President, Personal Financial Services, a position he held prior to becoming President. | |
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