Skip to main content

Flagstar Expands Westward Via Acquisition of Desert Community Bank Branches

NationalMortgageProfessional.com
Nov 17, 2017
Flagstar Bank has hired Ryan Goldberg, previously Executive Vice President and Head of Priority Banking and Branch Small Business at Regions Bank in Birmingham, Ala., as Executive Vice President and Director of Retail Banking at Flagstar

Flagstar Bank FSB has signed a definitive agreement to acquire eight Desert Community Bank (DCB) branches in San Bernardino County, Calif., with approximately $600 million in deposits and $70 million in loans, from East West Bank along with certain related assets.
 
"I would like to welcome the Desert Community team to the Flagstar family," said Alessandro DiNello, President and Chief Executive Officer of Flagstar Bancorp. "We've been looking to acquire a high-quality deposit franchise, but they've been difficult to find. The Desert Community branches fit the bill. The acquisition provides low-cost, stable funding to continue growing our balance sheet. It also combines a successful deposit franchise with a significant Flagstar presence already on the West Coast, including our Opes Advisors division and warehouse lending and home builder financing activities. Expanding our deposit franchise into California made a lot of sense because it's a state where we already do significant business.”
 
DCB, headquartered in Victorville, Calif., holds the number two deposit market share in the High Desert Region of San Bernardino County, the fifth largest county in California with a total population of 2.1 million. San Bernardino County has realized solid deposit growth of approximately seven percent on an annual basis since 2012.


 
Published
Nov 17, 2017
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021