dearJulius.com Write For Us

Wells Fargo sells 52 Midwest branches to Flagstar Bank

SHARE:

Wells Fargo announced plans to sell a total of 52 of its retail bank branches in Indiana, Michigan, Ohio and Wisconsin to Flagstar Bank Tuesday. File Photo by Ken Wolter/Shutterstock.com

By Daniel Uria, UPI

Wells Fargo announced an agreement Tuesday to sell 52 of its retail bank branches in four Midwestern states.

The bank issued a statement announcing the sale of all 33 of its branches in Indiana, all 14 in Michigan, its lone branch in Ohio and four branches in Wisconsin to Flagstar Bank.

The sale affects 490 Wells Fargo employees, all of whom will receive offers of employment from Flagstar, the company said.

"We will be working closely with Flagstar over the coming months to ensure a smooth transition and uninterrupted service."said Mary Mack, Wells Fargo's head of community banking and consumer lending.

About $2.3 billion in deposits will leave Wells Fargo in the transaction and the company added no immediate action is required from customers at the affected.

Wells Fargo also plans to continue to offer some services in the areas where the branches were sold.

"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," Mack said.

The company previously stated plans to reduce retail bank branches to approximately 5,000 branches by the end of 2020.

"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," said Mack.

In February, the Federal Reserve placed sanctions on Wells Fargo restricting its growth in response to widespread consumer abuses and breakdowns in compliance.

COMMENTS



Note: If you think this story need more information or correction, feel free to comment below your opinion and reaction.
Like & Follow to Stay Updated ...

Name

Alabama,1,Arizona,1,Barack,1,California,3,Colorado,1,Connecticut,1,Crime,531,Florida,1,Franc,1,Hawaii,8,Illinois,1,Los Angeles,2,Massachusetts,3,Mississippi,1,New York,128,U.S.,1553,Washington,4,
ltr
item
U.S. - U.S. Daily News: Wells Fargo sells 52 Midwest branches to Flagstar Bank
Wells Fargo sells 52 Midwest branches to Flagstar Bank
https://3.bp.blogspot.com/-iigGs6kq6fU/WxefvKtpjuI/AAAAAAAAtWw/AScEzngvh5QIDyVSifMIx1k1jxWjyCu1wCEwYBhgL/s1600/2.jpg
https://3.bp.blogspot.com/-iigGs6kq6fU/WxefvKtpjuI/AAAAAAAAtWw/AScEzngvh5QIDyVSifMIx1k1jxWjyCu1wCEwYBhgL/s72-c/2.jpg
U.S. - U.S. Daily News
https://us.dailynews.us.com/2018/06/wells-fargo-sells-52-midwest-branches.html
https://us.dailynews.us.com/
https://us.dailynews.us.com/
https://us.dailynews.us.com/2018/06/wells-fargo-sells-52-midwest-branches.html
true
3263844984480124152
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy