Quinn Residences, an owner of communities of single-family homes for rent in the Southeast, closed a $500 million revolving credit facility led by JPMorgan Chase.
Flagstar Bank, a bank subsidiary of New York Community Bancorp, acquired certain assets and assumed certain liabilities of Signature Bridge Bank from the FDIC. All regulatory approvals, including approval from the OCC, have been obtained and the transaction has closed.
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.