PNC Financial (PNC) to Acquire 27 Branches from Flagstar (FBC) Unit
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The PNC Financial Services Group, Inc. (NYSE: PNC) has signed a definitive agreement to acquire 27 branches in metropolitan Atlanta, Georgia from Flagstar Bank, FSB, a subsidiary of Flagstar Bancorp, Inc. (NYSE: FBC) and assume approximately $240 million of deposits associated with these branches based on balances as of June 30, 2011.
Under the agreement, PNC will purchase 21 branches and lease 6 branches located in a seven county area primarily north of Atlanta. Acquired real estate and fixed assets associated with the branches will be purchased for net book value, or approximately $42 million. No deposit premium will be paid and no loans will be acquired in the transaction.
Closing is expected in December 2011.
Wachtell, Lipton, Rosen & Katz acted as legal counsel to PNC. FIG Partners LLC represented Flagstar Bancorp, Inc. as financial adviser and Kutak Rock LLP as legal counsel.
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Under the agreement, PNC will purchase 21 branches and lease 6 branches located in a seven county area primarily north of Atlanta. Acquired real estate and fixed assets associated with the branches will be purchased for net book value, or approximately $42 million. No deposit premium will be paid and no loans will be acquired in the transaction.
Closing is expected in December 2011.
Wachtell, Lipton, Rosen & Katz acted as legal counsel to PNC. FIG Partners LLC represented Flagstar Bancorp, Inc. as financial adviser and Kutak Rock LLP as legal counsel.
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