Flagstar Bancorp Inc. has agreed to buy eight branch offices of Desert Community Bank in San Bernardino County.
Cost of the transaction was not disclosed, but the eight branch offices combined have an estimated $600 million in deposits and $70 million in loans, according to a statement.
The purchase, which was announced Monday, is expected to close during the second half of next year pending regulatory approval.
“I would like to welcome the Desert Community team to the Flagstar family,” said Alessandro DiNello, Flagstar’s president and chief executive officer, in the statement. “We’ve been looking to acquire a high-quality deposit franchise, but they’ve been difficult to find. The Desert Community branches fit the bill.”
Victorville-based Desert Community Bank has the second-largest deposit market share in the High Desert, according to the statement.
Flagstar is a savings and loan holding company based in Troy, Mich. It specializes in home mortgage loans, maintains 99 branch offices and has assets of nearly $17 billion, according to the statement.