JPMorgan Chase Bank, National Association agreed to acquire Approximately $5 billion in mortgage warehouse loans from Flagstar Bank, National Association.

JPMorgan Chase Bank, National Association agreed to acquire Approximately $5 billion in mortgage warehouse loans from Flagstar Bank, National Association on May 14, 2024. Upon closing, the ew York Community Bancorp expects that the transaction will add 65 basis points to the CET1 capital ratio, as converted for the preferred, resulting in a pro-forma CET1 capital ratio of 10.8% as of March 31, 2024. The Bank has entered into a commitment letter with JPMC regarding the proposed transaction.

Completion of the transaction remains subject to completion of due diligence, negotiation of definitive documentation, and satisfaction of customary closing conditions. The sale is expected to close in the third quarter of 2024. Sven Mickisch, Matt Nemeroff, Tim Gaffney, Brian Christiansen and Patrick Ryan of Simpson Thacher & Bartlett LLP acted as legal advisor to New York Community Bancorp, Inc.