Flagstar Home

History of FlagstarOur origins go back to 1938. That when Security Savings Loan, a predecessor to Flagstar, opened for business at the corner of Francis and Otsego streets in Jackson, Mich., with $3.2 million in assets. Forty years later, in 1978, assets of Security Savings had reached $124 million.

Meanwhile, in 1968 our chairman, Thomas Hammond, founded his first mortgage company. He later went on to start other wow items mortgage and financial service companies including Hammond Mortgage, Oak Hills Mortgage and First Security Mortgage. In 1987, Mr. Hammond acquired a thrift charter and formed First Security Bank, located in Bloomfield Hills, Mich. In its first year of operation, First Security had $3 million in assets and one branch, primarily focused on funding regional retail and wholesale mortgage operations.

In 1992, First Security expanded its home lending operations nationally, and the following year formed a holding company. In 1994, First Security acquired Security Savings of Jackson, our only acquisition to date. With this acquisition, we gained six additional branches and started expanding our banking network. In 1996, we changed our name to Flagstar to reflect our diversified businesses and national scope.

In 1997, we wow gold held our Initial Public Offering with a listing on the Nasdaq.

In 2000, we moved to our new headquarters in Troy, Mich. buy wow weapons That same year, we entered an agreement with Wal-Mart to open in-store branches at select Wal-Mart stores, and we subsequently opened our first banking center in Indiana at a Wal-Mart in Indianapolis.

In 2001, we moved our listing to the New York Stock Exchange where we currently trade under the symbol FBC.

In 2005, we entered buy wow weapons Georgia with the opening of a banking center in Powder Springs.

From $3 million in assets in 1987, we have grown our assets to $15.8 billion at December 31, 2007. We also greatly expanded our home lending to include 143 offices in 27 states, while growing our banking network to 164 offices 117 in Michigan, 28 in Indiana, and 19 in Georgia at year-end 2007.

Our BusinessFlagstar offers a full line of banking products for consumers and buy wow weapons businesses, as well as a variety of consumer loans ranging from automobile to boat, home equity to home improvement. Flagstar also is active in the commercial real estate market and currently lends in 20 states.

From its earliest days, Flagstar has looked for fresh ways to put technology to work for its customers and today is recognized as a pioneer in paperless mortgage processing.
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