STRATEGIC PARTNERS
December 9, 2022
New York Community Bancorp Inc. has acquired Flagstar Bancorp Inc. With the acquisition, the combined company will have $88.4 billion in assets, according to a press release.
Flagstar has 395 branches across nine states. The banks will operate their retail banking networks separately and customers will not experience any changes to their accounts. In time, New York plans to announce a single brand.
"We are tremendously pleased and very excited to announce the completion of our merger with Flagstar," Thomas R. Cangemi, CEO and president, New York Community Bancorp, said in the release. "The merger creates a company with significant scale and capabilities with a more diversified loan portfolio, an improved funding mix, and a much better interest-rate risk profile. In Flagstar we found a like-minded partner that shares the same values and commitment to our employees, customers, and communities."
