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Flagstar Bancorp Inc (NYSE: FBC) shares gained 8% on Monday after the company announced an acquisition deal.
What Happened? On Monday, Flagstar announced it s being acquired by
New York Community Bancorp, Inc. (NYSE: NYCB) in a stock deal valued at $2.6 billion.
Flagstar shareholders will receive 4.0151 shares of New York Community for each share of Flagstar they currently hold. The combined bank is expected to have more than $87 billion in assets and operate about 400 branches in nine different states.
Why It’s Important: The market sees the merger as a win-win scenario for both banks given New York Community shares were also trading higher following the news.
New York Community Bancorp, Inc To Acquire Flagstar Bancorp, Inc In An All Stock Strategic Merger
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Flagstar Bancorp: Q1 Earnings Snapshot
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Flagstar Announces First Quarter 2021 Earnings Call
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TROY, Mich., April 9, 2021 /PRNewswire/ Flagstar Bancorp, Inc. (NYSE: FBC) today released instructions for its first quarter 2021 earnings call, which will be held Thursday, April 29, at 11 a.m. ET. The purpose of the call is to discuss Flagstar s first quarter 2021 financial results, which will be released at approximately 6:30 a.m. ET on April 29, 2021.
To join the call, please dial (334) 323-0501 toll free or (800) 353-6461 and use passcode 9931654. Please call at least 10 minutes before the conference is scheduled to begin. A replay will be available for five business days by calling (888) 203-1112 toll free or (719) 457-0820, and using passcode 9931654.