Flagstar Bank has recently made a large acquisition that will increase their assets and assume their deposits. The acquisition was made from Signature Bank of New York, where they acquired $3.8 billion in assets and $3.4 billion of deposits. The acquisition also had four Signature Bank locations that Flagstar has chosen to keep open and incorporate into its banking system. Flagstar is hoping this acquisition will help them continue to grow their footprint in the region, while giving them the ability to offer customers more options in terms of banking services.

The acquisition was financed by Flagstar and was accomplished by forming a partnership with Signature Bank. Through this partnership, Flagstar was able to purchase and integrate the four Signature Bank branches into their network along with all the assets and deposits. All employees of the four Signature Bank locations have been offered the opportunity to join Flagstar and the branch locations will continue to operate as they did prior to the acquisition. This partnership and acquisition allows Flagstar to better serve its customers in the region by providing them with a increased amount of products and services, as well as plenty of locations.

In addition to acquiring the four branches, Flagstar also received 1,000 small business and personal banking relationships as part of this deal. This is an important factor for Flagstar to consider as these relationships can be developed into broader, more lucrative banking arrangement that may increase their customer base and add to their profits.

The acquisition of Signature Bank’s assets and deposits by Flagstar is an indication that the banking industry is continuing to grow and evolve. The move allows Flagstar to increase their presence in the region, give their customers an increased number of options, and acquire additional small business and outlook customers. Flagstar is doing all it can to continue to grow its footprint and give itself and its customers as much opportunity to succeed as possible.

You can read this full article at: https://www.housingwire.com/articles/flagstar-acquires-38b-in-assets-assumes-34b-deposits-from-signature/(subscription required)

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