Banking & Finance

Flagstar Bancorp meets NYSE listing requirement

November 27, 2012
| By Pete Daly |
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Flagstar Bancorp meets NYSE listing requirement
Troy-based Flagstar Bank operates more than 100 branches throughout Michigan. Photo via fb.com

Flagstar Bancorp Inc. (NYSE: FBC) announced today that it has received notice from the New York Stock Exchange that it is once again in compliance with the NYSE’s continued listing requirement of a minimum average closing price of $1 per share over a consecutive 30-trading-day period.

As a result, the “.BC” indicator following Flagstar’s stock symbol will be removed beginning Nov. 28.

On Oct. 10, Flagstar Bancorp common stock underwent a reverse split on a one-for-10 basis, reducing the shares of common stock from 700 million to 70 million. The stock price was $1.19 before the reverse split; the following day it was trading for $12.80. The price at market close Oct. 25 was $13.10.

The bank also reported recently that the second quarter of 2012 was its first profitable quarter since 2008. In late October, Flagstar reported third quarter net income of $79.7 million, and noted that it was the second consecutive quarter of profitability.

As of Sept. 30, Flagstar had $14.9 billion in total assets, and claims to be the largest publicly held savings bank headquartered in the Midwest.

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