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Sign into your accountFlagstar Closes on Acquisition of Opes Advisors
May 15 2017
TROY, Mich., May 15, 2017 -- 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.