Flagstar Bank announced a pending merger with New York Community Bancorp on April 27.
In 2018, Flagstar bought 26 Fort Wayne-area Wells Fargo branches and seven more in other parts of Indiana, representing Wells Fargo’s complete exit from the state. In total, Flagstar purchased 52 Wells Fargo branches; 14 in Michigan, one in Ohio and four in Wisconsin.
Scant details of the pending merger with New York Community Bancorp were included in an email sent to customers and media. Greater Fort Wayne Business Weekly will provide details as more information is known.
Following is the text of the message Reginald Davis, president of banking, Flagstar Bank, sent April 26 via email:
“You may have heard the news today about the pending merger between Flagstar and New York Community Bancorp. We’re excited that this combination will create a top 20 bank in the United States.
“Here’s a brief introduction to NYCB. They are a $57.7-billion-asset savings bank headquartered in Westbury, New York, with 236 branches in New York, New Jersey, Ohio, Florida, and Arizona.
“Their primary business focuses on multi-family loans on non-luxury, rent-regulated apartment buildings in New York City. They also are involved in commercial real estate loans and traditional commercial loans for small- and mid-size businesses in the city and its nearby boroughs. Our combined company will have over $87 billion in assets. We expect the transaction to close by the end of the year, subject to regulatory approvals and approval by shareholders.
“What does this mean for you?
“The Flagstar/NYBC merger is positive for Flagstar, and more importantly, for you. You will get the benefit of a larger, stronger partner, with access to a more expansive branch and ATM network. Even better, the Flagstar brand, your branches, the employees who serve you, your online platforms, and your rates and products will not change.
“We firmly believe this transaction is in the best interest of great customers like you, as well as our employees, communities, and shareholders.
“We look forward to seeing you, talking to you, and serving you, just as we always have.
“Thank you for your business.”