FBC - FBC STOCK NEWS

Flagstar Bancorp, Inc. (NYSE: FBC) announced a public secondary offering of 9,112,705 shares of common stock, all sold by MP Thrift Investments L.P. The company will not sell any shares or receive proceeds from this offering, and upon completion, MP Thrift will no longer hold any shares. Morgan Stanley is the underwriter for this offering. The registration statement for this offering is available on the SEC's website, and potential investors are encouraged to read the prospectus for detailed information.

Flagstar Bancorp (NYSE: FBC) announced the pricing of a $150 million offering of 4.125% Fixed-to-Floating Rate Subordinated Notes due 2030. The Notes will have a fixed interest rate until November 1, 2025, after which it will transition to a floating rate. The net proceeds are intended for a $150 million share repurchase from MP Thrift Investments, reducing their stake to approximately 15.95% of the company's common stock. The offering is set to close on October 28, 2020.

Flagstar Bancorp (NYSE: FBC) announced an underwritten offering of Fixed-to-Floating Rate Subordinated Notes due 2030, aimed at enhancing Tier 2 capital. The offering will generate proceeds of up to $150 million to repurchase common stock from MP Thrift Investments, based on recent volume-weighted average prices. Raymond James and BofA Securities are the underwriters for the issuance. The company is a $29.5 billion savings and loan holding entity, known for its significant operations in commercial and consumer banking across multiple states.

Flagstar Bancorp reported a remarkable third quarter of 2020, achieving net income of $222 million, or $3.88 per diluted share, significantly up from $116 million in the previous quarter. The company experienced a $12 million increase in net interest income, totaling $180 million, driven by strong performance in the banking sector. Mortgage revenue soared to $358 million due to a strong gain on sale margin. Despite a notable $30 million increase in credit loss reserves amid ongoing economic uncertainty, tangible book value grew by 25% in 2020.

Flagstar Bancorp has declared a quarterly cash dividend of $0.05 per share on its common stock. This dividend will be payable on December 15, 2020, to shareholders of record as of December 1, 2020. Headquartered in Troy, Michigan, Flagstar Bancorp operates with assets totaling $29.5 billion and provides various banking services through 160 branches across multiple states. The company is recognized as a significant national originator of mortgage loans, managing approximately $227 billion in loans.

The Flagstar Bank Foundation has announced a significant contribution to the SME Education Foundation for implementing the SME PRIME program at Pontiac High School. This initiative aims to enhance manufacturing and engineering education for diverse students, particularly those underrepresented in STEM fields. With a $10 million investment in Pontiac, this program seeks to improve career and workforce readiness, aligning with local job opportunities. Pontiac High School serves over 1,000 students, many from economically disadvantaged backgrounds, and the program provides access to advanced manufacturing training.

Flagstar Bancorp, Inc. (NYSE: FBC) has scheduled its third quarter 2020 earnings call for October 21, 2020, at 11 a.m. ET, following the release of financial results at 6:30 a.m. ET the same day. Interested participants can join by calling (800) 353-6461 or (334) 323-0501 with the passcode 9179222. The call will also be available as a live audiocast on flagstar.com. Flagstar is a $27.5 billion savings and loan holding company providing banking services across multiple states.

Flagstar Bank is accepting applications for its MortgageTech Accelerator Program until Sept. 30. The program, the first of its kind focused on the mortgage industry, will begin on Oct. 19. Selected startups will gain access to Flagstar mentors, seed funding, and opportunities for product testing and investor connections. Since launching in 2019, startups like Home Captain have benefited significantly, reducing their go-to-market time by 50%.

Flagstar Bank has appointed Lee M. Smith as president of its mortgage business, following his role as COO. Smith has been with Flagstar for seven years, contributing significantly to the company's turnaround. In his new position, he will oversee all aspects of mortgage operations including sales, originations, and strategic growth. This leadership change has resulted in the elimination of the COO role. Flagstar Bancorp, Inc. (NYSE: FBC) is a $26.8 billion holding company, operating through 160 branches across several states and handling $225 billion in loans for nearly 1.1 million borrowers.