MoFo Advises Flagstar in Acquisition of East West Bank Branches

11/14/2017

Henry M. Fields, Ben Chung, Phillip W. Kim, Craig A. Phillips, Clara Lim, and Amanda Hines Gold

Mergers + Acquisitions and Corporate

MoFo News Item

Morrison & Foerster LLP is advising Flagstar Bank, FSB in its acquisition of Desert Community Bank branches from East West Bank. Flagstar has signed a definitive agreement to acquire eight DCB branches located in San Bernardino County, CA, with approximately $600 million in deposits and $70 million in loans, along with certain related assets. The transaction represents Flagstar’s first deposit franchise in California and demonstrates its commitment to diversifying and expanding its banking footprint in California.

The MoFo team advising Flagstaff is led by Los Angeles senior counsel Henry Fields and of counsel Ben Chung, and includes Los Angeles corporate associate Phillip Kim, New York of counsel Craig Phillips and Los Angeles associate Clara Lim for tax, and San Francisco of counsel Amanda Hines Gold for employee benefits.

See the related press release here.

Select media coverage:

  • Daily Journal: “Dealmakers” (November 21, 2017)
  • Pasadena Business Now: “Pasadena’s East West Bank Divests 8 Branches of Affiliated Desert Community Bank” (November 16, 2017)

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