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Flagstar Bank completes purchase of Desert Community Bank's 8 branches

Troy, Mich.-based Flagstar Bank FSB completed its acquisition of all eight branches of Desert Community Bank — with approximately $600 million in deposits — from East West Bank.

The Flagstar Bancorp Inc. subsidiary also purchased certain related assets. Post-deal, Desert Community Bank — which formerly operated as a division of East West Bank — will retain all locations, as well as its brand, but will operate as a division of Flagstar Bank.

East West Bank is a subsidiary of Pasadena, Calif.-based East West Bancorp Inc.