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Flagstar Bancorp Up 13% As Flagstar Bank Gets Closer To Becoming National Bank

Shares of Flagstar Bancorp, Inc. (FBC) are rising more than 13% Friday morning at $38.45.

The company today said it received approval from the Office of the Comptroller of the Currency to convert Flagstar Bank to a national bank to be known as Flagstar Bank, N.A., and to merge New York Community Bank (NYCB) into Flagstar Bank.

NYCB's acquisition of Flagstar remains subject to the approval of the Federal Reserve Board, as well as to the satisfaction of certain other customary closing conditions under the merger agreement between the two companies, the company said.

Additionally, Flagstar's Board has declared a special dividend of $2.50 per share, to be paid on November 17, to shareholders on the record as of November 7.

FBC is at $38.37 currently. It has traded in the range of $30.82-$53.30 in the last 1 year.

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