Flagstar Bancorp (FBC) Approves One-for-Ten Reverse Split

September 26, 2012 10:23 AM EDT
Flagstar Bancorp, Inc. (NYSE: FBC) announced the voting results from its Annual Meeting of Stockholders, which was held on September 24, 2012, at Flagstar's national headquarters at 5151 Corporate Drive, Troy, Michigan. At the meeting, Flagstar's stockholders approved all four of the proposals on the ballot, including the proposal to grant to the Board of Directors (the "Board") discretionary authority to effect a reverse stock split of Flagstar's authorized, issued and outstanding common stock at any time prior to October 24, 2012, at an exchange ratio of one-for-ten.

Following the Annual Meeting, the Board authorized the one-for-ten reverse stock split. Flagstar anticipates that it will effect the reverse split on or about October 10, 2012, and that its shares will begin trading on a post-split basis at the opening of trading on or about October 11, 2012. The Company also intends to issue a press release announcing additional details closer to the effective date.

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