New York Community Bancorp (NYCB) – Get Report agreed to acquire Flagstar Bancorp (FBC) – Get Report for about $2.54 billion of stock, the companies said.
The deal creates a company with more than $87 billion in assets. It’ll operate almost 400 branches in nine states and 87 loan offices across 28 states.
At last check shares of Flagstar Bancorp, Troy, Mich., were trading 8% higher at $49.02. The Westbury, N.Y., bank’s shares were trading 5.6% higher at $12.66.