Flagstar Bancorp, a top ranked thrift wholesale lender, late this week conducted a reverse stock split, issuing one share of common for each 10 shares held. The reverse stock split will reduce the number of shares of outstanding common stock from roughly 1.53 billion to 153 million. The number of authorized shares of common stock will be reduced from 3 billion to 300 million. Over the past year, the thrift has been recapitalized with private investor money, which in turn has diluted the value of its common. Besides being a national residential wholesale funder, the depository has 162 branches in Indiana, Michigan and Georgia. The company will keep its current ticker symbol of FBC, but the shares will have a new CUSIP number.
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