|Flagstar Bancorp Reports Mortgage Production Totals
TROY, MI (March 11, 2002) -- Flagstar Bancorp, Inc. (FBC) , holding company of Flagstar Bank, FSB, today released February 2002 residential mortgage loan production figures. During February, the Company closed $2.7 billion in residential mortgage loans. This level of production is the highest level of production recorded for any February in our history and is 68.8% greater than the $1.7 billion reported in 2001.
"We experienced a 9% decrease in daily production when comparing February with January, but we are still ahead of last year's pace. We still believe that our first quarter production will exceed expectations and our earnings will continue to be strong," stated Mark T. Hammond, President and Chief Executive Officer.
|Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, is the largest savings institution headquartered in Michigan. Flagstar Bank currently operates from 72 banking centers located in Michigan and Indiana, 69 loan origination offices located predominantly in Michigan, along with 15 correspondent lending offices located across the United States.
The information contained in this release is not intended as a solicitation to buy Flagstar Bancorp, Inc. stock, is provided for general information, and is not intended to predict the future earnings of Flagstar Bancorp, Inc. Additional information about Flagstar may be accessed via the Internet at http://www.flagstar.com .
Flagstar Bankcorp, Inc.
Michael W. Carrie, Executive Vice President of Flagstar Bancorp, Inc.