Customers Bank, a Penn.-based financial institution with $4 billion in assets, will make its entry into the New England by acquiring all local commercial banking business from Michigan’s Flagstar Bank.

Customers is acquiring outstanding New England business loans totaling approximately $151 million and commitments of about $190 million. The transaction is expected to close within the first quarter of 2013.

The purchase price is 98.7 percent of loans outstanding. No classified or problem loans are included in the purchase, according to a company statement.

"We are very excited about entering New England and, through our unique private banking model, serving small and medium-size businesses, professionals and their employees in Massachusetts and Rhode Island, through this acquisition of Flagstar Bank offices in Boston and Providence," Jay Sidhu, Customers’ CEO, said in a statement. "The best part of this transaction is that we have recruited a team of very experienced New England bankers that are led by veteran Fleet and Sovereign banker Steve Issa … We plan to be very aggressive and competitive in serving the privately held businesses in Eastern Massachusetts and Rhode Island."