Troy, Michigan (PRESS RELEASE – October 4, 2010) – Flagstar Bank today launched a set of new business banking products and services to meet the needs of small businesses in Michigan, Indiana, and Georgia.
“Flagstar Bank is now a one-stop shop for small businesses. Whether they want checking, lending, investment, treasury management products, or online banking, we can meet their needs,” said Marshall Soura, executive vice president, Corporate Services, Flagstar Bank.
Soura said the bank is initially targeting small businesses that are trying to grow and expand. Flagstar’s small business lending program will eventually expand to service larger companies.
“We have half a million small businesses near our branches in Michigan, Indiana, and Georgia,” Soura said. “Now we can offer them a robust product set tailored to meet their banking needs: credit products to grow and purchase inventory; investment products to maximize their returns; and treasury products to manage their cash flow.”
Flagstar is also offering small business clients a variety of choices in checking accounts, along with options such as merchant services and remote deposit.
Flagstar Bank Chairman and CEO Joseph P. Campanelli said this new business banking line will be critical to the transformation of Flagstar into a full-service, super-community bank.
“With these products for small businesses, we’re taking a big step forward in giving our customers everything they expect from a traditional bank,” Campanelli said. “We’re also executing on the business plan we created and diversifying our revenue streams while continuing to deliver high-quality service to all our customers.”
To further round out its product offerings, Flagstar plans to launch consumer loans and credit cards before the end of the year.
Businesses interested in learning more about Flagstar’s new products can stop by any Flagstar banking center, call (800) 642-0039, option 2, or visit flagstar.com/business.
About Flagstar Bancorp
Flagstar Bancorp (NYSE: FBC), with $13.7 billion in total assets, is the largest publicly held savings bank headquartered in the Midwest. At June 30, 2010, Flagstar operated 162 banking centers in Michigan, Indiana, and Georgia and 22 home loan centers in 14 states. Flagstar Bank originates loans nationwide and is one of the leading originators of residential mortgage loans.