Wells Fargo sells all of its branches in Indiana, Michigan and Ohio [Los Angeles Times (CA)]
Flagstar Bancorp, Inc. (FBC)
Last flagstar bancorp, inc. earnings: 4/28 06:30 am
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Source: Los Angeles Times
Wells Fargo sells all of its branches in Indiana, Michigan and Ohio Wells Fargo & Co.’s sale of 52 branches to Flagstar Bancorp Inc. marks a retail-banking exit from Indiana, Michigan and Ohio. The deal is part of Wells Fargo’s effort to reduce its branch count to about 5,000 from roughly 5,800 by the end of 2020, the company said Tuesday. “Wells Fargo will continue to have a presence in the area with other businesses, including commercial lending, wealth management, retail brokerage and home lending,” Mary Mack, head of community banking and consumer lending for the company, said in a statement. The Midwest retreat contrasts with plans by Bank of America Corp., which said in February that it would open 500 branches across the United States during the next four years, including an expansion in Ohio. Bank of America jumped ahead of Wells Fargo to become the U.S. bank with the second-largest deposit base in 2017, according to Federal Reserve data. JPMorgan Chase & Co. is first. The Flag
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