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Tuesday, November 03, 2009

Flagstar Bancorp Loss Widens; CEO Named Chairman

By Robert Daniel

MarketWatch Pulse

TEL AVIV -- Flagstar Bancorp Inc., the Troy, Mich., bank-holding company, reported a third-quarter net loss of 64 cents a share, said its chairman retired, and said it would "better align expenses with revenues." In a statement on Tuesday, Flagstar reported a loss for the latest quarter of $298.2 million, compared with a loss of $62.1 million, or 79 cents, in the year-earlier quarter. Shares outstanding at Sept. 30 rose to 468.5 million from 83.6 million. The company, which operates 176 banking offices in Michigan, Indiana and Georgia and 42 home-loan centers in 18 states, also said that President and Chief Executive Joseph P. Campanelli would add the post of chairman, succeeding Thomas J. Hammond, who retired. At Sept. 30, total assets rose to $14.82 billion from $14.16 billion at Sept. 30, 2008, and fell from $16.42 billion at June 30, 2009.

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