SAN FRANCISCO--(BUSINESS WIRE)--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.