The New York Stock Exchange warned Flagstar Bank (FBC) of a possible delisting as its stock traded below $1 per share for 30 consecutive days. The Troy, Mich.-based bank must push stock shares above $1 by Feb. 18, 2012, in order to avoid any action, according to NYSE policy. The bank alerted investors to the warning on Wednesday. Flagstar held $12.7 billion in assets as of the end of June. In the second quarter, the bank narrowed its losses to $31.7 million from $81.9 million one year ago. Flagstar hasn’t reported a profit since the second quarter of 2008. Since the financial crisis, the bank has been unloading nonperforming mortgages, dumping $474 million in loans in November and another $80.3 million in the first quarter. It also sold its bank franchise in Indiana, netting $23 million on the sale of 22 retail branches. Write to Jon Prior. Follow him on Twitter @JonAPrior
NYSE warns Flagstar of stock delisting
Most Popular Articles
Latest Articles
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
“It wasn’t pretty, I’m not gonna lie to you, but we got through it, and we ended up being profitable in 2022 and 2023.”
-
HUD walks back some proposed changes to HECM for Purchase program
-
Key housing markets are starting to buck national trends: Redfin
-
Median payment on purchase mortgage applications rises to $2,201: MBA
-
HUD, USDA reach accord on energy-efficiency standard for new construction
-
U.S. mortgage delinquency rates remain near historic lows: CoreLogic