U.S. Midwestern regional bank Flagstar Bancorp Inc said it will sell a substantial portion of its Northeast-based commercial loan portfolio to CIT Group Inc for about $780 million as it looks to focus on its community banking operations. CIT's U.S. commercial bank subsidiary will acquire $1.26 billion in commercial loan commitments of which $785 million is currently outstanding, Flagstar said in a statement.It expects to sell majority of the assets during the first quarter of 2013.The purchased assets consist of asset-based, commercial real estate and equipment finance loans and leases, CIT Group, led by former Merrill Lynch Chief Executive John Thain, said in a separate statement.The Troy, Michigan-based Flagstar, which is currently fending off a lawsuit by bond insurer Assured Guaranty Ltd over mortgage backed securities, expects the sale to be capital accretive.
Assured Guaranty Ltd. (AGL) is a Bermuda-based holding company. Shares of AGO traded higher by 3.3% or $0.47/share to $14.70. In the past year, the shares have traded as low as $11.17 and as high as $19.04. On average, 1365350 shares of AGO exchange hands on a given day and today's volume is recorded at 1225447.
CIT Group Inc. (CIT) is a bank holding company (BHC). Shares of CIT traded higher by 1.04% or $0.4/share to $39.04. In the past year, the shares have traded as low as $32.29 and as high as $43.35. On average, 1358300 shares of CIT exchange hands on a given day and today's volume is recorded at 1379176.
Flagstar Bancorp, Inc. is a savings and loan holding company. Shares of FBC traded higher by 4.38% or $0.85/share to $20.25. In the past year, the shares have traded as low as $5.20 and as high as $19.50. On average, 382279 shares of FBC exchange hands on a given day and today's volume is recorded at 471659.
The Bancorp, Inc. is a financial holding company with a wholly owned subsidiary, The Bancorp Bank (the Bank). Shares of TBBK traded higher by 0.27% or $0.0297/share to $11.00. In the past year, the shares have traded as low as $7.14 and as high as $12.73. On average, 174335 shares of TBBK exchange hands on a given day and today's volume is recorded at 400070.
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