Wells Fargo: sells 52 branches to Flagstar Bank

(CercleFinance.com) - Wells Fargo has announced an agreement to sell 52 retail bank branches to Flagstar Bank, found in in Indiana (33), Michigan (14), Ohio (1) and Wisconsin (4), which have a total of 490 employees.


The San Francisco based financial institution points out that it recently announced its intention to reduce its number of retail bank branches to 5,000 by the end of 2020, through consolidations and disposals.

The transaction - the amount of which has not been specified - represents approximately 2.3 billion dollars in deposits and is expected to close in the fourth quarter of this year, subject to customary regulatory approvals.


Copyright (c) 2018 CercleFinance.com. All rights reserved.