Flagstar Bank to acquire local Wells Fargo branches

Rebranding expected during fourth quarter 2018
By: 

Times Herald Staff

The Wells Fargo Bank branches in Oconto Falls, Gillett, Mountain and Marinette are included in the pending acquisition of 52 branches by Flagstar Bancorp. Inc.

Flagstar announced June 5 that it has signed a definitive agreement to acquire the bank branches in Indiana, Michigan, Wisconsin and Ohio, with approximately $2.3 billion in deposits and $130 million in loans, along with certain related assets.

“We’re excited to welcome the Wells Fargo employees and customers to Flagstar Bank,” said Alessandro DiNello, president and chief executive officer of Flagstar Bancorp Inc. “Wells Fargo’s primary goal throughout the negotiation of this transaction has been to make sure its customers and employees experience a seamless transition to Flagstar, and we will ensure that happens.”

The 52-branch purchase is for 33 locations in Indiana, 14 branches in the Upper Peninsula of Michigan, the four locations in Wisconsin and one in Ohio. Wells Fargo plans to retain 48 other branches in Wisconsin.

The branches to be acquired will operate as Wells Fargo branches until closing, and will be rebranded as Flagstar branches immediately upon closing of the transaction, which is expected sometime in the fourth quarter of 2018.

Flagstar said it intends to keep all branches and retain all employees at closing.

Flagstar Bancorp Inc. is a $17.7 billion savings and loan holding company headquartered in Troy, Michigan. For more information, visit flagstar.com.