TROY, Mich., April 3, 2017 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) announced today the signing of a definitive agreement under which it will acquire certain assets of Opes Advisors, Inc. Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and is expected to close within the next 30 days.
Opes Advisors' mortgage banking business generates retail originations from 39 retail locations in California, Oregon and Washington. The footprint is strategically focused in markets with strong demographics, resulting in high credit quality originations. In 2016, its 160 mortgage advisors produced approximately $3 billion in mostly purchase originations.
The company also has a wealth advisory arm that currently has approximately $325 million in assets under management.
Flagstar will operate Opes Advisors as a separate division with its own brand, providing a strategic expansion to Flagstar's retail home lending franchise.
"We're excited about teaming up with a first-class retail originator like Opes Advisors," said Alessandro P. DiNello, Flagstar's president and CEO. "They're a strong fit with our strategic goal of growing our retail mortgage business and a good fit culturally. We like the deep mortgage experience of their management team; we like their strong purchase mortgage origination focus; and we like their long track record of success. We look forward to working with the entire Opes Advisors team to share best practices and create a first-class borrowing experience for our customers."
"When we were presented with this opportunity, we saw the added strength for both organizations and were amazed to find a like-minded company to preserve and enhance everything we at Opes Advisors had worked so hard to build," said Susan McHan, CEO, co-founder and president of Opes Advisors' Mortgage Bank. "For today's market, Flagstar has the industry knowledge and resources to invest in and grow our people and the business. We're confident our team, our mortgage advisors and our wealth advisors will not only find Flagstar culturally compatible, but also the team is genuinely committed to our continued success."
Keefe, Bruyette & Woods served as financial advisor to Opes and Sheppard, Mullin, Richter & Hampton LLP served as its legal counsel. BuckleySandler LLP served as legal counsel to Flagstar.
Flagstar Bancorp, Inc. (NYSE: FBC) is a $14.1 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 through 41 retail locations in 21 states. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $80 billion of home loans representing 383,000 borrowers. For more information, please visit flagstar.com.
About Opes Advisors
Opes Advisors has developed the first real estate decision technology to fuse mortgage lending services with financial advice, providing clients with a personal financial model that empowers more effective home buying decisions. As both a leading, full-service mortgage bank and financial advisory firm, the company offers a wide range of competitively-priced mortgage programs, as well as financial planning and investment management from its Wealth Management division. Opes Advisors has 39 locations in California, Oregon, and Washington. Discover more information at www.opesadvisors.com.
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
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SOURCE Flagstar Bancorp, Inc.