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First Financial Bancorp in Cincinnati has found a way to put some of its capital to work: a big branch deal with Flagstar Bancorp Inc.
August 16 -
Flagstar Bancorp Inc. in Troy, Mich. is exiting the Atlanta market to focus on its core banking business in the Midwest and problems and its expansion into the Northeast.
July 26
PNC Financial Services Group Inc., of Pittsburgh, officially entered the Atlanta market over the weekend after closing a deal to acquire Flagstar Bancorp Inc.’s 27 branches there.
Flagstar, of Troy, Mich., began opening the branches in 2005 and at the deal's closing it had roughly $210 million of deposits on in the market. The $13.7 billion-asset company opted to dispose of the offices, as well as its branches in Indiana, in order to focus on retail and commercial operations in Michigan and New England.
The $270 billion-asset PNC is also expanding in other parts of the Southeast through its acquisitions. It recently completed the purchase 19 Tampa-area branches from BankAtlantic Bancorp Inc. and has a deal pending to buy Royal Bank of Canada's U.S.-based franchise, RBC Bank USA.
