Flagstar Bancorp announces mass layoff

Flagstar Bancorp announces mass layoff

TROY, Mich., July 23, 2019 /PRNewswire/ — Flagstar Bancorp, Inc. (NYSE: FBC), the holding company for Flagstar Bank, FSB, today announced its board of directors has declared a quarterly cash dividend.

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Mergers and acquisitions are about to pick up as the housing market sees the beginning of its down cycle, according to Ted Krus, Flagstar Bank director of executive. The winners will be announced.

Flagship National Bank – shut down Flagstar Bank – acquired 52 Wells Fargo bank branches Flagstar Bank – acquired certain assets of Opes Advisors Inc. Flagstar Bank – cut roughly 600 jobs thanks to slowing mortgage business Flagstar Bank – layoffs total 300 in Troy, MI due to outsourcing

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What to expect when your bank sells your checking account. Wells Fargo announced in early June that it’s selling 52 branches in the Midwest to Flagstar Bank, a midsize federal savings bank based in Troy, Michigan. Soon, there will be no Wells Fargo branches in Indiana, Michigan or Ohio. Wisconsin will lose four branches, leaving 48 locations for customers in that state.

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Flagstar filed a lawsuit last month in U.S. District Court for the Eastern District of Michigan demanding that Michael C. Hild, the CEO of Live Well and guarantor on the loans, repay the bank more.

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Troy-based Flagstar Bancorp. announced in a release Thursday that a "restructuring initiative" will ultimately result in 600 layoffs from its Sept. 30, 2013 headcount level.

Flagstar Bank. Flagstar Bancorp, Inc. operates as the holding company for Flagstar Bank, a federally chartered stock savings bank. It is the largest publicly traded savings bank in Michigan with assets of over $16 billion in 2016. Flagstar is also a leading mortgage lender and a national leader in the wholesale mortgage business.

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