Flagstar Bank Customer Recognized at White House for "Manufacturing Success in Rural America"

USDA/Rural Development Program Aids MVC Holdings

Feb 29, 2012, 11:01 ET from Flagstar Bancorp, Inc.

TROY, Mich., Feb. 29, 2012 /PRNewswire/ -- MVC Holdings, L.L.C. — also known as McKechnie Vehicle Components — headquartered in Roseville, Mich., was recently recognized at the White House and the U.S. Department of Agriculture (USDA) for its successful use of USDA/Rural Development programs.

MVC is a metro Detroit manufacturer of wheel claddings, wheel covers, and decorative trim for the automotive industry. It has a major plant in rural Kentucky, with additional facilities in South Carolina and Minnesota. Loans supported by USDA/Rural Development programs have helped MVC attract new customers and grow business at all its facilities. Flagstar services the USDA loans.

"Our Flagstar relationship manager, Frank Maniaci, really took the time to get to know us and our business," said Mike Torakis, CEO of MVC. "Flagstar took a chance on our company, and it's been a win all around. Once we met the people at Flagstar, it was an easy decision for us," he said.

"Our success with MVC demonstrates what can happen when you bring together talented commercial bankers who are willing to think outside the box, and you back them up with support people who want to make it happen for the customer," said Joseph P. Campanelli, CEO of Flagstar. "This is an outstanding recognition for the entire commercial team at Flagstar."

Seventy-one companies representing successful rural manufacturing businesses together with their lenders were present for the event. Other attendees included key officials from the White House and USDA/Rural Development.

Flagstar Bancorp, Inc. (NYSE: FBC) is a full-service financial services company, offering a range of products and services to consumers, businesses, and homeowners. Flagstar recently expanded its offerings to include a complete line of commercial and treasury management services for businesses of any size. With $13.6 billion in total assets at December 31, 2011, Flagstar is the largest publicly held savings bank headquartered in the Midwest. As of December 31, 2011, Flagstar operated 113 branches in Michigan, 27 home loan centers in 13 states, and a total of four commercial banking offices in Massachusetts, Connecticut, and Rhode Island. Flagstar originates loans nationwide and is one of the leading originators of residential first mortgage loans. For more information, please visit flagstar.com.

SOURCE Flagstar Bancorp, Inc.