| Type | Public (NYSE: FBC) |
|---|---|
| Industry | Finance |
| Founded | Flagstar Bancorp, Inc. - 1993 (as FSSB Holding Corporation); Flagstar Bank, FSB - 1987 (as First Security Savings Bank, FSB) |
| Headquarters | Troy, MI |
| Key people | Joseph P. Campanelli, President and CEO |
| Products | Commercial and retail banking, mortgage financing and servicing, consumer finance and asset management |
| Employees | 3,015 (2006) |
| Website | www.flagstar.com |
Flagstar Bancorp, Inc. operates as the holding company for Flagstar Bank, a federally chartered stock savings bank. Flagstar is the largest publicly traded savings bank headquartered in the midwest United States. Flagstar is also a leading mortgage lender and a national leader in the wholesale mortgage business. The bank was chartered in 1987 under the name First Security Savings Bank, FSB. A small savings bank in nearby Jackson, Michigan, Security Savings Bank, was purchased in 1994. The banking charters of First Security Savings Bank and Security Savings Bank were merged in 1996, and the bank was renamed Flagstar. An initial public offering for Flagstar Bancorp, Inc. common stock was held in April 1997, and listed on the NASDAQ Stock Market under the symbol FLGS. The company's securities' listings moved to the NYSE on July 13, 2001.
The bank currently operates 175 banking centers (as of October 2008) in Michigan, Indiana and Georgia. In addition, Flagstar operates 151 home lending offices nationally. The company also originates a number of mortgages across the United States through its internet banking branch. Principal corporate offices are located in Troy, Michigan with regional offices in Dunwoody, Georgia and Bellevue, Washington. The bank is a principal co-sponsor of the Detroit Free Press/Flagstar Bank International Marathon and also sponsors several other events nationally.
In January 2009, the private equity group MatlinPatterson Global Advisors invested $350 million in Flagstar, buying a 70% controlling stake in the company.
Contents |
In mid-August 2009 the bank was named as one of the biggest and worst off of more than 150 U.S. lenders which own nonperforming loans that equal 5 percent or more of their holdings. 5 percent is a threshold that former regulators have stated can wipe out a bank’s equity and threaten its survival. Flagstar's nonperforming portfolio was more than 10 percent.[1]