Flagstar Completes Sale of Georgia Bank Branches

In Georgia, ""Flagstar Bancorp"":www.flagstar.com/ has officially sold its 27-branch retail bank franchise to ""PNC Bank, N.A."":https://www.pnc.com/ The deal, which was announced earlier this year, has reached its conclusion, and PNC Bank will now take possession of all leases associated with the locations, as well as all associated business and retail deposits.

[IMAGE]

Flagstar, the holding company for ""Flagstar Bank, FSB"":www.flagstar.com/, estimates the total deposits sold or assigned at around $210 million. PNC Bank, which is part of the ""PNC Financial Services Group, Inc."":https://www.pnc.com/, is reported to have paid the bank the net book value of the acquired real estate, fixed, and other personal assets included with the branches.

The purchase agreement for its Georgia locations follows Flagstar's December sell off of its Indiana branches. The total number of bank franchises sold stands at 49, and there is currently no word from the company on whether or not more acquisitions are afoot in 2012.

Commenting on the closure of the transaction, Flagstar's chairman, president, and CEO, Joseph P. Campanelli, said, ""With the consummation of this transaction and the previously consummated sale of the retail bank franchise in Indiana, we can now focus our efforts and resources on growing our core markets - the Michigan retail and commercial banking divisions and New England commercial banking operations.""

Flagstar is considered a full-service financial services company. The entity offers a wide range of products to consumers, businesses, and homeowners, and Flagstar boasts total assets of $13.7 billion, as of September 30.

The company is the largest publicly held savings bank in the Midwest, and Flagstar continues to operate more than 100 branches in the U.S. Additionally, the company also has 29 home loan centers in 14 states and four commercial banking offices in Massachusetts, Connecticut, and Rhode Island.