Banking & Finance and Nonprofits

Bank forms foundation

September 25, 2017
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Flagstar Bancorp meets NYSE listing requirement
Troy-based Flagstar Bank operates about 100 branches throughout Michigan. Photo via fb.com

A bank with a major presence in the region has created a foundation for charitable giving in the communities it serves.

Troy-based Flagstar Bank, which has numerous locations in Grand Rapids, said this month it started the Flagstar Foundation.

Funds will go toward community re-investment activities, employee board memberships and volunteer activities.

“Flagstar has a 30-year tradition of investing in its communities,” said Beth Correa, foundation president. “We now want to formalize that investment through a foundation that will support our corporate goals, as well as our employees’ involvement in the nonprofit world. Our objective is to make focused, impactful grants in the communities where we do business.”

Planned support

The bank said it will support apprenticeship and workforce readiness, arts and culture, financial well-being, with a special focus on financial literacy and homebuyer education, and community re-investment activities, including supporting nonprofits that focus on affordable housing, community service, economic development or rehabilitation, and stabilization for low- to moderate-income individuals, families and communities.

Grant application deadlines

The Flagstar Foundation will accept first-round grant applications until Sept. 30. The deadline for the second cycle of applications is Dec. 31. Subsequent deadlines for applications will be set at the end of each quarter.

Flagstar Bank

Flagstar Bancorp Inc. is a $16-billion savings and loan holding company.

Its subsidiary Flagstar Bank provides commercial, small business and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 85 retail locations in 26 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division.

Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $87-billion of home loans, representing 402,000 borrowers. 

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