TROY, Mich., Oct. 29, 2019 /PRNewswire/ – Flagstar Bancorp, Inc. (NYSE: FBC) (the "Company") today announced the pricing of its previously announced registered public secondary offering of 6.1 million shares of the Company's common stock for gross proceeds of approximately $221.7 million. All of the shares have been offered by MP Thrift Investments L.P. ("MP Thrift"). MP Thrift has granted the underwriter a 30-day option to purchase up to an additional 0.9 million shares of the Company's common stock.
The Company will not receive any of the proceeds from the sale of the shares by MP Thrift. Upon completion of the offering, assuming that the underwriter's option to purchase additional shares is not exercised, MP Thrift will beneficially own approximately 38% of the Company's outstanding common stock. The offering is expected to close on November 1, 2019, subject to customary closing conditions.
Morgan Stanley is acting as underwriter for the offering. Jefferies LLC acted as financial advisor to MP Thrift for the offering.
The underwriter may offer the shares of common stock from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the New York Stock Exchange, or to dealers in negotiated transactions or in a combination of such methods of sale, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices, subject to its right to reject any order in whole or in part.
The offering will be made only by means of an effective registration statement and a prospectus. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering may be obtained from: Morgan Stanley at 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department. Copies of the preliminary prospectus supplement and the related prospectus, when available, may also be obtained free of charge from the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov.
The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Flagstar Bancorp, Inc. (NYSE: FBC) is a savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio and contiguous states. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 78 retail locations in 21 states and two call centers. FBC is the 5th largest bank mortgage originator in the nation and 5th largest subservicer of mortgage loans nationwide.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. For a discussion of some of the risks and important factors that could affect our future results and financial condition, see our SEC filings, including, but not limited to, the prospectus described in this press release.
Kenneth M. Schellenberg
SOURCE Flagstar Bancorp, Inc.