Flagstar Closes on Acquisition of Desert Community Bank Branches from East West Bank

TROY, Mich., March 19, 2018 /PRNewswire/ -- Flagstar Bancorp, Inc. ("Company,"NYSE: FBC) today reported that its wholly owned subsidiary Flagstar Bank, FSB, has closed its previously announced transaction to acquire eight Desert Community Bank branches in San Bernardino County, Calif., with approximately $600 million in deposits, from East West Bank along with certain related assets. Terms of the transaction were not disclosed.

"We're happy to welcome the customers and employees of Desert Community Bank to the Flagstar family," said Alessandro DiNello, president and chief executive officer of Flagstar Bancorp, Inc. "Customers can expect the same relationship banking they are accustomed to, delivered by the talented team of Desert Community bankers they know so well. In fact, we plan to bring enhancements to our customers' banking experience with more products and services.

"We're especially pleased to have Desert Community's experienced bankers onboard to continue their tradition of great customer service and community support. Community matters to Flagstar, as it always has to Desert Community Bank. That's why we have every intention of not just maintaining Desert Community's legacy of community investment, but expanding it."

About Flagstar

Flagstar Bancorp, Inc. (NYSE: FBC) is a $16.9 billion savings and loan holding company headquartered in Troy, Mich. Its wholly owned subsidiary Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 89 retail locations in 29 states, representing the combined retail branches of Flagstar Bank and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $98 billion of home loans representing over 442,000 borrowers. For more information, please visit flagstar.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Flagstar Bancorp, Inc.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements can be found in periodic Flagstar reports filed with the U.S. Securities and Exchange Commission, which are available on the Company's website (flagstar.com) and on the Securities and Exchange Commission's website (sec.gov). Other than as required under United States securities laws, Flagstar Bancorp does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

For further information

ANALYSTS: David Urban, Senior Vice President & Director, Investor Relations, (248) 312-5970
MEDIA:  Susan Bergesen, Corporate Communications, (248) 312-6237

SOURCE Flagstar Bancorp, Inc.

Related Links

http://www.flagstar.com