FBC - FBC STOCK NEWS

Flagstar Bank announced significant changes to its overdraft program, effective August 1, 2022, aiming to enhance customer financial management. Key updates include the elimination of $36 non-sufficient funds fees, consecutive overdraft fees, and overdraft protection transfer fees. Additionally, overdraft charges will now be limited to three per day, and transactions of $10 or less will not incur overdraft charges. These adjustments aim to support customers in maintaining a sound financial footing.

Flagstar Bank has appointed Mark Herron as its new chief brand officer, responsible for overseeing marketing strategies, sales, branding, technology transformation, and client experience. Herron brings over 25 years of experience, previously serving as executive VP and CMO for People's United Bank. Reginald Davis, Flagstar's president of Banking, expressed confidence in Herron’s ability to lead the bank's brand strategy amidst a digital transformation in the financial sector. Flagstar Bancorp, a $23.2 billion entity, also operates in various states and oversees $300 billion in loans.

Flagstar Bancorp reported a first quarter 2022 net income of $53 million ($0.99 per diluted share), down from $149 million ($2.80 per diluted share) year-over-year. Adjusted net income stood at $55 million ($1.02 per diluted share). The company benefited from a 15 basis point increase in net interest margin to 3.11%, along with a $29 million net return on mortgage servicing rights. However, mortgage revenue dropped significantly due to rising rates, leading to a 20% workforce reduction in mortgage staff. Flagstar maintains strong asset quality with no delinquent commercial loans reported.

New York Community Bancorp (NYSE: NYCB) and Flagstar Bancorp (NYSE: FBC) have jointly extended their merger agreement to October 31, 2022. The amended agreement will see the combined entity operate under a national bank charter, which is deemed suitable for the merged company's banking operations, taking into account Flagstar's established national mortgage business. Regulatory approvals required for the merger include authorizations from the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC).

Flagstar Bank has appointed Jim Linnane as president of its distributed retail mortgage division, where he will oversee strategy, profitability, sales, and operations. Linnane, an industry veteran with extensive experience in mortgage origination and sales, previously served as retail president for Stearns Lending and led 2,000 loan officers at Wells Fargo, achieving $30 billion in production volume. Flagstar is the nation's 6th largest bank mortgage originator and manages a diverse portfolio, including $291 billion in loans for over 1.2 million borrowers.

Flagstar Bancorp, Inc. (NYSE: FBC) has declared a quarterly cash dividend of $0.06 per share on its common stock. This dividend will be payable on May 19, 2022, to shareholders of record by the close of business on May 9, 2022. Flagstar, headquartered in Troy, Michigan, operates 158 branches across five states and offers a wide range of banking services. The company has a significant presence in mortgage origination and servicing, handling payments for $291 billion in loans.

Flagstar Bank has appointed Anne Mai Bertelsen as executive vice president and head of Retail Banking, overseeing Branch Banking, Consumer Finance, Investment & Insurance Services, and National Business Banking. With over 25 years of financial services experience, she previously led Global Banking and Payments at Accenture Interactive and founded MAi Strategies, LLC. Bertelsen's expertise in product transformation and innovation aligns with Flagstar's vision for adapting to the evolving financial services landscape.

Flagstar Bank has opened applications for its third MortgageTech Accelerator program, targeting fintech startups innovating in the mortgage sector. Applications are due by Feb. 18, 2022. The program offers national recognition, mentorship from industry experts, and opportunities for real-world product testing. Past participants, like Brace, have enhanced their platforms significantly through collaboration with Flagstar. This initiative aims to propel technological advancements in a rapidly evolving mortgage market.