Latest news with #Flagstar
Yahoo
a day ago
- Business
- Yahoo
Flagstar Bank just closed dozens of branches in 5 states. See full the list of locations that shuttered in May
This year has not been kind to retailers in terms of store closures. But brick-and-mortar shops are not the only retail category that has experienced a decline in 2025. Banks are closing retail locations, too. RIP to the almost future of computing: Apple just turned the iPad into a Mac Why Third Amendment memes are suddenly taking over social media No Kings Day: June 14 protests set to be biggest yet, will counter Trump military parade in locations nationwide. Here's what to know One of America's largest regional banks, Flagstar, closed 24 branch locations on May 30. The closures come after the bank's parent company, Flagstar Financial, announced in January that it would be shuttering 60 branches this year. Here's what you need to know about the latest Flagstar branch closures. On May 30, Flagstar shut 24 bank branches for good, according to the Office of the Comptroller of the Currency (OCC), which is an independent bureau of the U.S. Department of the Treasury. The OCC regulates national banks in the United States. In its weekly bulletin for the period from May 25 to May 30, 2025, the OCC says that 24 Flagstar Bank branches were closed. However, the closures did not come as a surprise, as the company announced in January that it would shutter 60 branches. As Banking Dive previously reported, Flagstar Financial announced it would close the locations in an effort to consolidate its retail footprint and cut $600 million in operating costs from its balance sheet by the end of the year. Running physical locations incurs significant operating costs, and as more people turn to online banking first and try to avoid visiting branches if possible, those branches are used less, leading to a reduced return on investment for banks. According to the OCC, 24 Flagstar Bank branches closed on May 30. The branch closures impact locations in five states: Indiana, Michigan, New Jersey, New York, and Ohio. New York saw the most Flagstar Bank branches close in this round, with nine locations shutting down. Michigan and New Jersey saw six locations each shutter. Indiana saw two close and Ohio one. Fast Company reached out to Flagstar for comment and to ask if additional closings are expected. Here are the locations of the closed branches in each state. 5770 COVENTRY LANE FORT WAYNE IN 2926 MISHAWAKA AVENUE SOUTH BEND IN 210 WEST HURON STREET ANN ARBOR MI 29049 JOY ROAD WESTLAND MI 914 CHARLEVOIX DRIVE GRAND LEDGE MI 4675 32ND AVENUE HUDSONVILLE MI 5151 CORPORATE DRIVE TROY MI 500 WOODWARD AVENUE, Detroit, MI 949 BROADWAY BAYONNE NJ 142 BROAD STREET ELIZABETH NJ 36 FERRY STREET NEWARK NJ 198 JEFFERSON STREET NEWARK NJ 2624 MORRIS AVENUE UNION NJ 133 S. LIVINGSTON AVENUE LIVINGSTON NJ 30TH AVENUE, ASTORIA, NY 625 ATLANTIC AVENUE BROOKLYN NY 102 DUFFY AVENUE HICKSVILLE NY 1608 KINGS HIGHWAY HOMECREST (BKLYN) NY 66-77 FRESH POND ROAD RIDGEWOOD NY 65-30 KISSENA BLVD. FLUSHING NY 509 OLD COUNTRY ROAD PLAINVIEW NY 194-02 NORTHERN BOULEVARD FLUSHING NY 100 JERICHO QUADRANGLE JERICHO NY ONE NORTH HAWKINS AVE. AKRON OH While many people prefer the ease and convenience of online banking, closures of physical bank branches can still have a negative impact on communities and certain groups of individuals. This is particularly true for older individuals who may not be as adept at using the internet or app-based banking, or who may simply prefer to visit a physical branch location to discuss their banking needs with a representative. Still, financial companies looking to cut costs often turn to branch closures as the quickest way to do so (that, and employee layoffs). And investors in those banks generally react favorably to those types of moves. Indeed, since Flagstar announced in January that it would close 60 branches, the company's stock price (NYSE: FLG) has soared. At the start of the year, FLG stock was trading in the $9 range. But by the end of January, after the company announced the branch closures, FLG stock jumped to nearly $12 per share. Year-to-date, FLG stock is currently up over 27% as of the time of this writing. On April 25, Flagstar Financial announced its Q1 2025 earnings, in which the company revealed that its operating expenses declined 22% year-over-year. The company says that as of March 31, Flagstar Bank held $97.6 billion in total assets, $73.9 billion in total deposits, and operated approximately 400 locations. Its online branch locator tool shows that as of today, there are 363 Flagstar Bank locations in the United States. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
28-05-2025
- Business
- Mint
Major NYC Landlord Blames Bankruptcy On High Interest Rates
(Bloomberg) -- A portfolio of rent-stabilized New York City apartments owned by Joel Wiener was pushed into bankruptcy by 'sky-rocketed' interest rates and changes to state housing law that restricted the property owners' ability to increase rent on tenants, according to court papers. Dozens of properties managed by Wiener's Pinnacle Group were put into Chapter 11 last week, saddled with roughly $564 million in mortgage debt and facing foreclosure actions from its primary lender, Flagstar Bank. The apartments also have outstanding amounts on Israeli-issued bonds, pushing the total debt on the properties to roughly $1 billion, according to bankruptcy papers filed Tuesday. Interest rate hikes in 2022 significantly increased the cost of the mortgage debt, to the point that rental income was no longer enough to cover debt service and operating expenses, Ephraim Diamond, the properties' chief restructuring officer said in a court filing. Rates on a large portion of the Pinnacle properties' mortgage debt has 'sky rocketed' since 2022, from between 3% to 4% to as high as 7.5% and 10.25%, in certain circumstances, Diamond said. The cost to service the debt was about $26 million in 2023, including $20 million interest. Last year, that amount jumped to $36 million, including $25 million in interest, and is projected to increase again in 2025, he said. US Bankruptcy Judge David Jones, during the first hearing in the case since the filing, delayed ruling on a request by the apartment business to spend cash being held as collateral for the Flagstar debt. Jones asked both sides to try to come to a compromise about how the money would be used during the next few weeks. If they can't agree, Jones said he was prepared to rule on the request as soon as tomorrow, when both sides are scheduled to return to court. Flagstar claims that rent money that should have gone to pay the mortgage instead may have been funneled to a related holding company where it went to bondholders. 'No one knows where the rental income went, but it did not go to pay the lenders and appears to have been consolidated to pay bondholders,' Flagstar said in court papers filed Wednesday. A lawyer for the apartment company did not immediately return a request for comment. Most of its tenets get some form of rent stabilization and changes to state law in recent years intended to protect renters created further financial stress on the buildings, Diamond said. In 2019, state lawmakers placed restrictions on building owners' ability to raise rents when a tenement leaves a rent-regulated apartment and limited landlords' ability to turn apartments into condos, according to court documents. 'These legislative changes put further strain on the Company's and the Debtors' cash flow, and significantly slowed their condominium conversion initiatives,' Diamond said. Diamond said bankruptcy will give advisers time to devise a restructuring strategy and discuss options with creditors. The case is Broadway Realty I Co. LLC, number 25-11050, in the U.S. Bankruptcy Court for the Southern District of New York. More stories like this are available on
CBS News
03-03-2025
- Business
- CBS News
Flagstar Bank issues layoff notices for 424 employees in Troy
Flagstar Bank has filed a notice with State of Michigan officials that 424 employees in Metro Detroit will face layoffs. Those involved all work at the Corporate Drive site in Troy, Oakland County. The permanent layoffs will take effect between April 22 and May 9, according to the notice filed Feb. 21 with the Michigan Labor and Economic Opportunity office. The Worker Adjustment and Retraining Notification (WARN) Act requires companies going through mass layoffs and / or site closures to issue advance public notice to the state's labor department, should they meet certain requirements for the size of company or number of people involved. There also were 113 layoffs from the Flagstar Troy location last fall; along with 60 laid off from the company's site in Jackson last summer. Flagstar Bank, which is headquartered in Hicksville, N.Y., is one of the largest regional banks in ther county. In recent months, it has sold off some of its business ventures, including mortgage servicing, to other companies. Some of the former Flagstar employees were picked up by Mr. Cooper Group.
