WASHINGTON (dpa-AFX) - CIT Group Inc. (CIT) announced that it has agreed to acquire a commercial loan portfolio from Flagstar Bank or FSB, a wholly-owned subsidiary of Flagstar Bancorp, Inc. (FBC).
As per the terms of the agreement, CIT Bank, the U.S. commercial bank subsidiary of CIT, will acquire approximately $1.3 billion in commercial loan commitments, of which approximately $800 million is currently outstanding.
The assets represent a substantial portion of FSB's Northeast-based commercial loan portfolio, which consists primarily of asset-based, commercial real estate, and equipment finance loans and leases.
The purchase is expected to be substantially completed during the first quarter of 2013.
Copyright(c) 2013 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2013 AFX News
