Sale includes branches in Indiana, Michigan, Ohio, part of Wisconsin
Wells Fargo & Company (NYSE: WFC) announced today it has entered into an
agreement to sell 52 retail bank branches to Flagstar Bank, FSB, a
subsidiary of Flagstar Bancorp, Inc. (NYSE: FBC). The sale comprises all
Wells Fargo branches in Indiana (33), Michigan (14) and Ohio (1), and a
small number of Wisconsin branches (4), and involves approximately 490
team members, all of whom will receive offers of employment from
Flagstar.
“We are very pleased to reach this agreement with Flagstar, as they are
committed to providing excellent service to our customers and providing
a great workplace for our team members,” said Mary Mack, head of
Community Banking and Consumer Lending. “As we continue to reduce our
branch network, we believe this sale to Flagstar will result in the best
outcome for customers, team members and other stakeholders in these
markets. We will be working closely with Flagstar over the coming months
to ensure a smooth transition and uninterrupted service. We remain
committed to these communities, and Wells Fargo will continue to have a
presence in the area with other businesses including commercial lending,
wealth management, retail brokerage, and home lending.”
Wells Fargo has previously shared its plan to reduce retail bank
branches to approximately 5,000 branches by the end of 2020, through
consolidations and divestitures. The transaction comprises approximately
$2.3 billion in deposits and is expected to close in the fourth quarter
2018, subject to customary regulatory approvals. There is no action
required for customers of these branches at this time, and Wells Fargo
and Flagstar will communicate in advance of any changes as we work
together to care for customers and team members.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investments, mortgage, and consumer and
commercial finance through 8,200 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 265,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 25 on Fortune’s 2017 rankings of America’s largest
corporations. News, insights and perspectives from Wells Fargo are also
available at Wells
Fargo Stories.
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our future
financial performance and business. Because forward-looking statements
are based on our current expectations and assumptions regarding the
future, they are subject to inherent risks and uncertainties. Do not
unduly rely on forward-looking statements as actual results could differ
materially from expectations. Forward-looking statements speak only as
of the date made, and we do not undertake to update them to reflect
changes or events that occur after that date. For information about
factors that could cause actual results to differ materially from our
expectations, refer to our reports filed with the Securities and
Exchange Commission, including the “Forward-Looking Statements”
discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as
well as to Wells Fargo’s other reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2017,
available on its website at www.sec.gov.
