Altisource Asset Management, an alternative lending company that provides liquidity and capital to under-served markets, entered into an agreement for a $50 million line of credit with Flagstar Bank, a federal savings bank.
Flagstar Bank named Michael Adler executive vice president and head of wholesale banking. Adler has more than 30 years of experience building and growing commercial banking, corporate banking, specialized lending and capital markets business units.
Toll Brothers entered into a five-year $1.905 billion revolving credit facility to replace the company’s existing $1.295 billion revolving credit facility, which was scheduled to mature in May 2021.
Flagstar Bank closed its previously announced transaction to acquire 52 branches of Wells Fargo Bank in four Midwest states, including approximately $2 billion in deposits, along with certain related assets.
Wells Fargo agreed to sell 52 retail bank branches in Indiana, Michigan, Ohio and Wisconsin to Flagstar Bank. The sale is part of Wells Fargo’s plan to reduce its retail locations to approximately 5,000 branches by the end of 2020.
Flagstar Bancorp 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.
Flagstar Bank named Andrew Ottaway president of the Michigan Market after equipment loans and leases reached $89 million in 2016. Ottaway was already Flagstar’s executive vice president and head of lending.
Flagstar announced that the bank has entered into an agreement to settle a lawsuit filed by Assured Guaranty and will pay $105 million for claims arising from home equity line of credit loans insured by Assured.
BridgeSpan Capital and Crestmark announced the joint venture BridgeSpan Funding, formed specifically to provide short-term financing to investors in commercial real estate assets.