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New York Community Bancorp, Inc. (NYSE: NYCB) has received final regulatory approval from the Federal Reserve Board to complete its acquisition of Flagstar Bancorp, Inc. (NYSE: FBC). This merger will create a regional bank with nearly $90 billion in assets and 395 branches across multiple states, enhancing NYCB's market presence, particularly in high-growth areas. The deal is expected to close on December 1, 2022, subject to customary conditions. Both companies anticipate improved operational efficiencies and customer service capabilities as a result of the merger.
Flagstar Bancorp, Inc. (NYSE: FBC) announced a special dividend of $2.50 per share on its common stock, scheduled for payment on November 17, 2022. Shareholders must be on record by the close of business on November 7, 2022. The company, based in Troy, Michigan, operates with total assets of $25.4 billion and provides various banking services through 158 branches across several states. Flagstar Bank is recognized as a leading national mortgage originator and servicer managing loans worth approximately $360 billion.
New York Community Bancorp (NYSE: NYCB) and Flagstar Bancorp (NYSE: FBC) have mutually agreed to extend their merger agreement to December 31, 2022. The extension follows the receipt of approval from the Office of the Comptroller of the Currency (OCC) for Flagstar to convert to a national bank. The merger will create a large regional bank with 395 branches across nine states and a robust mortgage division. The OCC's approval is subject to a waiting period, while Federal Reserve approval is still pending.
Flagstar Bancorp reported a strong third quarter for 2022 with an adjusted net income of $75 million, or $1.41 per diluted share, marking a 22% growth from the previous quarter. The bank's net interest margin rose to a record 3.98% and net interest income increased by 13% to $219 million. Average commercial loans grew by 15%, and the company reported no nonperforming commercial loans, indicating solid asset quality.
Noninterest income decreased to $114 million due to lower loan administration fees, while noninterest expenses declined by 8%.
Flagstar Bancorp, Inc. (NYSE: FBC) has declared a quarterly cash dividend of $0.06 per share on its common stock, payable on November 17, 2022, to shareholders of record as of November 7, 2022. As of now, Flagstar operates with assets totaling $25.4 billion and provides an array of banking services across 158 branches in multiple states, including Michigan and California. The company also serves over 1.4 million borrowers through a wholesale network and 81 retail locations across 26 states.
Black Knight, Inc. (NYSE:BKI) announces the renewal of its contract with Flagstar Bank, the fifth largest subservicer in the U.S., for the MSP loan servicing system. This comprehensive platform manages approximately 37 million active loans, supporting Flagstar's growth in servicing and subservicing operations. Additionally, Flagstar has extended its use of Black Knight's default solutions to enhance management of nonperforming loans. CEO Joe Nackashi highlighted the long-term partnership as a key factor in addressing evolving servicing demands and driving client success.
Flagstar Bancorp (FBC) reported a net income of $60 million for Q2 2022, or $1.12 per diluted share, compared to $53 million in Q1 2022. Adjusted net income rose to $63 million, or $1.17 per diluted share. The bank's net interest margin expanded by 58 basis points to 3.69%, reflecting strong asset sensitivity strategies. While commercial loans grew by 9%, noninterest income decreased to $131 million due to lower gain on loan sales. Credit quality remained solid, with no nonperforming commercial loans. However, mortgage revenue pressure persists amid rising rates.
Flagstar Bancorp, Inc. (NYSE: FBC) declared a quarterly cash dividend of $0.06 per share on its common stock. The dividend will be paid on August 18, 2022, to shareholders on record by August 8, 2022. Based in Troy, Michigan, Flagstar is a $23 billion savings and loan holding company, operating 158 branches across several states, and is a major player in mortgage origination and servicing, managing $300 billion in loans for over 1.3 million borrowers.
Flagstar Bank recently completed its third MortgageTech Accelerator program, graduating four startups focused on innovations in mortgage technology. The program, aimed at enhancing mortgage origination and servicing, engaged startups like LoanSense, OrangeGrid, Calque, and CredEvolv. Flagstar's mentorship facilitated growth in product development and operational strategies. With a commitment to technology-driven solutions, Flagstar aims to enhance the customer experience in home loans. The bank plans to launch its fourth accelerator program in early 2023.
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