Flagstar Closes on Acquisition of Opes Advisors
TROY, Mich., May 15, 2017 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) today reported it has closed its previously announced transaction to acquire certain assets of Opes Advisors, Inc., a retail mortgage originator and wealth advisory firm headquartered in Cupertino, Calif. The transaction was announced April 3, 2017.
This is the second acquisition Flagstar has completed this year to strengthen its position at the forefront of the mortgage industry. Flagstar acquired the delegated lending business of Stearns Lending, LLC on Feb. 28, 2017 to expand its market share in the correspondent channel. With the acquisition of Opes Advisors, Flagstar has expanded its retail mortgage origination business and significantly increased its access to high-quality purchase mortgage originations.
"On behalf of all Flagstar associates, I'm pleased to welcome the talented team of Opes Mortgage and Wealth Advisors to the Flagstar family," said Alessandro P. DiNello, Flagstar's president and CEO. "This transaction is good news for both companies. Opes Advisors now has the backing of a well-capitalized bank that can help expand its successful business model to the entire country. And Flagstar now has a national retail origination platform and wealth management business that will provide best-in-class service to our customers."
"We see this transaction as amazing in its opportunity for mutual growth, collaboration, and benefits," said Susan McHan, CEO, co-founder, and president of Mortgage Banking at Opes Advisors. "The added product capabilities will be a win for our clients, and the expanded opportunities for growth will be a win for our mortgage advisors and wealth advisors. We feel fortunate to have found in Flagstar the perfect partner—a long-time leader in the mortgage industry with a strategy and interest in growing its retail mortgage business."
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $15.4 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 82 retail locations in 25 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $83 billion of home loans representing 393,000 borrowers. For more information, please visit flagstar.com.
Terms of the transaction were not disclosed.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Flagstar Bancorp, Inc.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements can be found in periodic Flagstar reports filed with the U.S. Securities and Exchange Commission, which are available on the Company's website (flagstar.com) and on the Securities and Exchange Commission's website (sec.gov). Other than as required under United States securities laws, Flagstar Bancorp does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
For further information
ANALYSTS: David Urban, Senior Vice President, Investor Relations, (248) 312-5970
MEDIA: Susan Bergesen, Corporate Communications, (248) 312-6237
SOURCE Flagstar Bancorp, Inc.
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