The Wilmington, Del., company has identified the 30 branches it plans to close or sell following its acquisition of Beneficial Bancorp in Philadelphia. Most the the closures will take place in Pennsylvania.
Balances from the 52 branches Flagstar bought from Wells Fargo fell by 22% between the deal's announcement and closing, forcing the Michigan company to adjust the math for earning back tangible book value.
Christopher Kay will oversee the Buffalo, N.Y., bank's branch and ATM networks as well as development of products and services that seek to mimic the cutting-edge offerings of other industries.
The company is selling 14 branches, including several around Chattanooga, Tenn., and its mortgage business to FB Financial so it can focus on its Atlanta operations and national lending businesses.
