TROY, Mich., Aug. 16, 2018 /PRNewswire/ -- Flagstar
Bancorp, Inc. (NYSE: FBC) (the "Company") announced that effective
August 14, 2018, the Federal Reserve
(Fed) has lifted its Supervisory Agreement with the Company.
The Supervisory Agreement (originally dated January 27, 2010) included a number of
provisions, including requirements to submit a capital plan
annually and receive written non-objection from the Fed before
paying a dividend or repurchasing stock, incurring or renewing
holding company debt or engaging in affiliate transactions.
"This is a major milestone for our company, representing the
last major regulatory issue with the old Flagstar," said
Alessandro P. DiNello, president and
chief executive officer. "This action reflects our successful
effort in building a strong financial institution that can deliver
solid results within the framework of a strong risk and compliance
structure. The lifting of the agreement ushers in a new era for our
holding company, providing more flexibility in entering into
strategic transactions.
"It's been a long road to reach this positive outcome. I would
like to personally thank the entire Flagstar team for their
dedication and our shareholders for their support. I also
appreciate the Fed's collaboration over the past several years to
strengthen our company. We are now focused on continuing our
journey to build a great company."
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is an $18.1 billion savings and loan holding company
headquartered in Troy, Mich.
Flagstar Bank, FSB, provides commercial, small business, and
consumer banking services through 107 branches in Michigan and California. It also provides home loans
through a wholesale network of brokers and correspondents in all 50
states, as well as 88 retail locations in 31 states, representing
the combined retail branches of Flagstar and its Opes Advisors
mortgage division. Flagstar is a leading national originator and
servicer of mortgage loans, handling payments and record keeping
for $120 billion of home loans
representing over 535,000 borrowers. For more information, please
visit flagstar.com.
For more information, contact:
David L. Urban
david.urban@flagstar.com
(248) 312-5970
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SOURCE Flagstar Bancorp, Inc.