has closed its previously announced transaction to acquire eight Desert Community Bank branches in San Bernardino County, Calif., with approximately $600 million in deposits, from East West Bank along with certain related assets. Terms of the transaction were not disclosed.
"We're happy to welcome the customers and employees of Desert Community Bank to the Flagstar family," said Alessandro DiNello, President and Chief Executive Officer of Flagstar Bancorp. "Customers can expect the same relationship banking they are accustomed to, delivered by the talented team of Desert Community bankers they know so well. In fact, we plan to bring enhancements to our customers' banking experience with more products and services. We're especially pleased to have Desert Community's experienced bankers onboard to continue their tradition of great customer service and community support. Community matters to Flagstar, as it always has to Desert Community Bank. That's why we have every intention of not just maintaining Desert Community's legacy of community investment, but expanding it."