This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Flagstar Announces One-for-Ten Reverse Stock Split Effective Today

TROY, Mich., Oct. 10, 2012 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) ("Flagstar" or the "Company") announced that effective at 4:15 p.m. EDT today, shares of its common stock will be subject to a reverse split on a one-for-ten basis.  Flagstar shares are expected to trade on a post-split basis when the markets open tomorrow on Thursday, October 11, 2012, will continue to trade on the New York Stock Exchange under the symbol FBC, and have been assigned a new CUSIP number - 337930 705.

Flagstar stockholders will receive one new share of Flagstar common stock for every ten shares held at the effective time.  The reverse stock split will reduce the number of shares of outstanding common stock from approximately 558.3 million to approximately 55.8 million. The number of authorized shares of common stock will be reduced from 700 million to 70 million.  Proportional adjustments will be made to Flagstar's outstanding options, warrants and other securities entitling their holders to purchase or receive shares of Flagstar common stock. In lieu of fractional shares, stockholders will receive cash.  Cash payments for fractional shares will be determined on the basis of the stock's closing price on October 9, 2012, adjusted for the reverse stock split.  The reverse stock split will not negatively affect any of the rights that accrue to holders of Flagstar outstanding options, warrants and other securities entitling their holders to purchase or receive shares of common stock.

Stockholders with certificated shares are required to exchange their stock certificates for new stock certificates representing the appropriate number of shares of common stock resulting from the reverse stock split. Flagstar's transfer agent, Registrar and Transfer Company, is the exchange agent for the reverse stock split and will distribute a letter of transmittal to shareholders with instructions for surrendering old stock certificates.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs