TROY, Mich., Oct. 24, 2016 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) today announced the results of its company-run 2016 Dodd-Frank Act Stress Test ("DFAST"), conducted in accordance with regulations of the Board of Governors of the Federal Reserve (the "FRB") and the Office of the Comptroller of the Currency ("(OCC").
DFAST is a forward-looking exercise under which the Company and its wholly owned bank subsidiary, Flagstar Bank, estimate the impact of a hypothetical "severely adverse" macroeconomic scenario provided by the FRB and OCC on its financial condition and its regulatory capital ratios over a nine-quarter time horizon.
Flagstar's DFAST results, given these hypothetical scenarios provided by the regulatory agencies, suggest that Flagstar would maintain sufficient capital to remain well capitalized throughout the nine-quarter DFAST time horizon.
Additional information regarding Flagstar's DFAST results may be found on the company's website at flagstar.com under Webcasts & Presentations, 2016 Dodd-Frank Act Stress Test Results.
"We are very pleased with the results of our stress test," said Alessandro P. DiNello, president and chief executive officer of Flagstar Bancorp, Inc. "These results clearly reflect a broader, more stable and less risky business model at Flagstar. Combined with our recently announced TARP redemption in July, we are now better prepared to grow our businesses, especially our community bank."
Flagstar Bancorp, Inc. (NYSE: FBC) is a $14.3 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, 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 through 31 retail locations in 21 states. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for nearly $76 billion of home loans for nearly 370,000 borrowers. For more information, please visit flagstar.com.
This press release contains forward-looking statements, including projections of the Company's financial results and condition under a hypothetical scenario that incorporates a set of assumed economic and financial conditions prescribed by its regulators. The projections are not intended to be a forecast of expected future economic or financial conditions or a forecast of the Company's expected future financial results or condition, but rather reflect possible results under the prescribed hypothetical scenario. The Company's future financial results and condition will be influenced by actual economic and financial conditions and various other factors as described in its reports filed with the Securities and Exchange Commission and available at sec.gov.
For more information, contact:
David L. Urban
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SOURCE Flagstar Bancorp, Inc.