Flagstar Bancorp Inc. agreed to purchase certain assets of Opes Advisors Inc.
Terms of the deal were not specified. It is set to complete within the next 30 days, subject to customary closing conditions. Once the transaction closes, Opes will retain its own brand, functioning as a separate division of Flagstar.
As per SNL data, Troy, Mich.-based Flagstar Bancorp had assets of $14.05 billion as of Dec. 31, 2016.
Opes Advisors' wealth advisory arm currently has approximately $325 million in assets under management, and its mortgage banking business generates retail originations from 39 retail locations in California, Oregon and Washington. Its 160 mortgage advisers generated roughly $3 billion in mostly purchase originations in 2016.
Keefe Bruyette & Woods served as financial adviser to Opes and Sheppard Mullin Richter & Hampton LLP serving as legal counsel. BuckleySandler LLP was legal counsel to Flagstar Bancorp.