Customers Bank has acquired all local commercial banking business from Michigan based Flagstar Bank, in a bid to foray into the New England market.
Customers Bank chairman and CEO Jay Sidhu said that the acquisition will strengthen their private banking business in Massachusetts and Rhode Island.
"We will have an exceptional team and have a goal to prudently grow this business to over $1 billion in outstanding over the next few years," Sidhu added.
Based on the terms of the agreement, the bank will purchase total banking relationships including many high quality New England businesses with loans outstanding totaling almost $151m and commitments of about $190m.
The bank has already two pending acquisitions of CMS Bancorp and Acacia Federal Savings Bank, which is to close in the first half of 2013.
The latest transaction is likely to complete during the first quarter of 2013.
Headquartered in Phoenixville, Pennsylvania, Customers Bank delivers an array of banking services to small and medium-sized businesses, professionals, individuals and families.