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DescriptionFlagstar Bank is the largest independent savings institution in the state of Michigan as well as one of the nation's leading mortgage lenders. Flagstar Bank offers online banking, home loans and low interest rates.
Address5151 Corporate Dr
Troy MI 48098 US
ContactFlagstar Bank, FSB
History of FlagstarOur origins go back to 1938. That's when Security Savings & Loan, a predecessor to Flagstar, opened for business at the corner of Francis and Otsego streets in Jackson, Mich., with $3.2 million in assets. Forty years later, in 1978, assets of Security Savings had reached $124 million.
Meanwhile, in 1968 our chairman, Thomas Hammond, founded his first mortgage company. He later went on to start other mortgage and financial service companies including Hammond Mortgage, Oak Hills Mortgage and First Security Mortgage. In 1987, Mr. Hammond acquired a thrift charter and formed First Security Bank, located in Bloomfield Hills, Mich. In its first year of operation, First Security had $3 million in assets and one branch, primarily focused on funding regional retail and wholesale mortgage operations.
In 1992, First Security expanded its home lending operations nationally, and the following year formed a holding company. In 1994, First Security acquired Security Savings of Jackson, our only acquisition to date. With this acquisition, we gained six additional branches and started expanding our banking network. In 1996, we changed our name to Flagstar to reflect our diversified businesses and national scope.
In 1997, we held our Initial Public Offering with a listing on the Nasdaq.
In 2000, we moved to our new headquarters in Troy, Mich. That same year, we entered an agreement with Wal-Mart to open in-store branches at select Wal-Mart stores, and we subsequently opened our first banking center in Indiana at a Wal-Mart in Indianapolis.
In 2001, we moved our listing to the New York Stock Exchange where we currently trade under the symbol FBC.
In 2005, we entered Georgia with the opening of a banking center in Powder Springs.
From $3 million in assets in 1987, we have grown our assets to $15.8 billion at December 31, 2007. We also greatly expanded our home lending to include 143 offices in 27 states, while growing our banking network to 164 offices — 117 in Michigan, 28 in Indiana, and 19 in Georgia at year-end 2007.
Our BusinessFlagstar offers a full line of banking products for consumers and businesses, as well as a variety of consumer loans ranging from automobile to boat, home equity to home improvement. Flagstar is a leader in home lending, delivering home loans through a nationwide network of retail offices and wholesale agents, as well as online through Flagstar.com and via a toll-free phone number. Flagstar also is active in the commercial real estate market and currently lends in 20 states.
From its earliest days, Flagstar has looked for fresh ways to put technology to work for its customers and today is recognized as a pioneer in paperless mortgage processing. In fact, for four consecutive years Mortgage Technology magazine has named Flagstar one of the Top 25 Tech-Savvy Lenders.
External LinksAlexa Page Info: Flagstar.com
WHOIS Page Info: WHOIS for Flagstar.com
SmartFinds Internet Marketing: SmartFindsMarketing.com
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Related KeywordsHolding Companies, flagstar, FLAGSTAR, BANK, boat finance, personal loans, home equity loans, auto loans, student loan repayment, online checking account
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, Aug 13 2008, 2:25 PM EDT
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