TROY, Mich., Sept. 6, 2017 /PRNewswire/ -- Flagstar Bank announced it has established the Flagstar Foundation to focus its charitable giving on specific areas that align with the bank's community reinvestment activities, employee board memberships, and volunteer activities.
"Flagstar has a 30-year tradition of investing in its communities," said Beth Correa, president of the foundation. "We now want to formalize that investment through a foundation that will support our corporate goals as well as our employees' involvement in the nonprofit world. Our objective is to make focused, impactful grants in the communities where we do business."
The bank defined the following areas for support:
- Apprenticeship and Workforce Readiness
- Addresses training to prepare people for job opportunities
- Arts and Culture
- Supports collaborations with community organizations to maximize exposure to arts and culture
- Financial Well-Being
- Seeks to build financial capabilities with a special focus on financial literacy and homebuyer education
- Community Reinvestment Activities
- Supports nonprofits whose mission is affordable housing, community service, economic development or rehabilitation, and stabilization for low- to moderate-income individuals, families, and communities
The Flagstar Foundation will accept grant applications now until Sept. 30, with the deadline for the second cycle of applications Dec. 31, 2017. Subsequent deadlines for applications will be set at each quarter-end.
Flagstar Bancorp, Inc.(NYSE: FBC) is a $16.0 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 85 retail locations in 26 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $87 billion of home loans representing 402,000 borrowers. For more information, please visit flagstar.com.
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SOURCE Flagstar Bancorp, Inc.