Flagstar Bancorp, and its wholly owned subsidiary Flagstar Bank, closed its previously announced transaction to acquire eight Desert Community Bank branches in San Bernardino County, CA, from East West Bank, along with certain related assets.
“We’re happy to welcome the customers and employees of Desert Community Bank to the Flagstar family,” said Alessandro DiNello, president and CEO of Flagstar Bancorp. “Customers can expect the same relationship banking they are accustomed to, delivered by the talented team of Desert Community bankers they know so well.”
The Desert Community branches included approximately $600 million in deposits. Further terms of the transaction were not disclosed.
Flagstar Bancorp is a $16.9 billion savings and loan holding company headquartered in Troy, MI. Its subsidiary, Flagstar Bank, provides commercial, small business, and consumer banking services through 99 branches in the state.