Flagstar Financial merging holding company into the bank

Flagstar Financial (FLG) has approved a merger agreement between the company and the Bank whereby the company will merge into the Bank, with the Bank as the surviving entity. The resulting entity will continue to be known as Flagstar Bank, N.A. and its common stock will continue to trade on the NYSE under the same ticker symbol currently used by the company, “FLG”. The reorganization will further reduce costs, simplify our organizational structure, streamline managerial, operational, and administrative functions throughout the Bank, eliminate redundant corporate activities and duplicative supervision and regulation. The reorganization is subject to both regulatory and shareholder approval. The company expects to file a proxy statement and other proxy materials with the SEC in connection with the Reorganization during Q3. Assuming receipt of required regulatory approvals and an affirmative vote by shareholders, the company expects to consummate the Reorganization before year-end.