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.
Flagstar Bancorp said Customers Bank will acquire Flagstar’s remaining Northeast-based commercial loan portfolio.
CIT announced it has agreed to acquire approximately $1.3 billion in commercial loan commitments, which consists primarily of asset-based, commercial real estate and equipment finance loans and leases from Flagstar Bank.