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Flagstar acquisition by NY bank builds muscle outside of fickle mortgage sector

Flagstar acquisition by NY bank builds muscle outside of fickle mortgage sector Both banks tout increased diversity in business operations Little overlap in terms of geography, books of business Flagstar Bank The acquisition of Flagstar Bank by New York Community Bank allows for both lenders to move beyond their traditional savings and loan models Lots of money and increased diversification in business portfolios. That s the hope for the $2.6 billion acquisition of Flagstar Bancorp. in Troy by New York Community Bancorp. in the New York City metro area. Flagstar Bank and it s well-renowned residential mortgage lending business will serve as the vehicle to allow New York Community Bank to transform from a traditional savings and loan to a dynamic commercial banking organization, according to Tom Cangemi, president and CEO of New York Community Bank, headquartered in Westbury, N.Y.

Troy-based Flagstar to be bought by N Y Community Bancorp in $2 54B deal

Troy-based Flagstar to be bought by N.Y. Community Bancorp in $2.54B deal Steve Dickson New York Community Bancorp agreed to buy Michigan’s Flagstar Bancorp Inc. in an all-stock deal with an equity value of about $2.54 billion. Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share they own, the two companies said Monday in a statement. U.S. regional banks have been merging to grapple with low interest rates, weak loan demand and the need to boost technology spending. Pressure is coming from giants such as JPMorgan Chase & Co., which is moving into new states and spending billions annually on digital offerings. Last week, Webster Financial Corp. agreed to purchase Pearl River, New York-based Sterling Bancorp in an all-stock transaction that valued the target at $5.14 billion.

New York Community to buy Flagstar for $2 6 billion

New York Community to buy Flagstar for $2 6 billion
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