TROY, Mich., Dec. 9, 2011 /PRNewswire/ -- Flagstar Bancorp
(NYSE: FBC) (the "Company"), the holding company for Flagstar Bank,
FSB (the "Bank"), today announced that the Bank has completed its
previously announced agreement to sell its 27-branch retail bank
franchise in Georgia to PNC Bank,
N.A., part of The PNC Financial Services Group, Inc. (NYSE: PNC)
("PNC").
At the closing, the Bank sold or assigned the leases associated
with the branches and sold the associated business and retail
deposits (approximately $210
million). PNC paid the Bank net book value of the
acquired real estate and fixed and other personal assets associated
with the branches.
"With the consummation of this transaction and the previously
consummated sale of the retail bank franchise in Indiana, we can now focus our efforts and
resources on growing our core markets -- the Michigan retail and commercial banking
divisions and New England commercial banking operations," said
Joseph P. Campanelli, Chairman of
the Board, President and CEO.
About Flagstar
Flagstar Bancorp is a full-service financial services company,
offering a range of products and services to consumers, businesses,
and homeowners. With $13.7 billion in
total assets at September 30, 2011,
Flagstar is the largest publicly held savings bank headquartered in
the Midwest. As of September 30,
2011, Flagstar operated 162 branches in Michigan, Indiana, and Georgia. However, Flagstar
sold 49 branches in Indiana and
Georgia during December. Flagstar
also operated, at September 30, 2011,
29 home loan centers in 14 states, and a total of four commercial
banking offices in Massachusetts,
Connecticut, and Rhode Island. Flagstar Bank originates loans
nationwide and is one of the leading originators of residential
mortgage loans. For more information, please visit
flagstar.com.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements, by their nature,
involve estimates, projections, goals, forecasts, assumptions,
risks and uncertainties that are difficult to predict and could
cause actual results or outcomes to differ materially from those
expressed in a forward-looking statement. Forward-looking
statements contained in this press release and any information
related to expectations about future events or results are based
upon information available to the Company as of the date hereof.
Forward-looking statements can be identified by such words as
"anticipates," "intends," "plans," "seeks," "believes," "expects",
"estimates," and similar references to future periods. Examples of
forward-looking statements include, but are not limited to,
statements made regarding the Company's current expectations, plans
or forecasts of its core business drivers, credit related costs,
asset quality, capital adequacy and liquidity, the implementation
of the Company's business plan and growth strategies, the result of
improvements to the Company's servicing processes, and other
similar matters. There is a risk that, because of business,
economic or market conditions or for any other reasons within or
outside of the Company's discretion, the Company's sale of its
Georgia and Indiana retail bank franchises may not have
the projected impact. For a further discussion of the factors that
may cause actual results to differ materially from current
expectations, please review the Company's filings with the
Securities and Exchange Commission ("SEC"), including but not
limited to, our Forms 10-K and 10-Q. Except to the extent required
under the federal securities laws and the rules and regulations
promulgated by the SEC, the Company undertakes no obligation to
update any such statement to reflect events or circumstances after
the date on which it is made.
SOURCE Flagstar Bancorp