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News Breaks | | | | February 9, 2013 | | 14:48 EDT |  | FBC | Flagstar's revised Q4 EPS is ($1.75); previously reported Q4 EPS was $1.12
Following the Court's decision in the Assured case, Flagstar increased, effective as of December 31, 2012, its reserve for pending and threatened litigation, which resulted in a decrease in net income of $161M, or $2.87 p/s, for Q412. The total amount reserved for pending and threatened litigation, including amounts paid in anticipation of future settlements, was increased to approximately $244.6M at December 31. Included in this reserve are amounts for the Court's decision regarding Assured and for the lawsuit that the MBIA Insurance Corporation filed against the Bank on January 11, 2013, along with other pending litigation. | |
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News For FBC From The Last 14 Days Check below for free stories on FBC the last two weeks. |
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| May 17, 2013 | | 08:08 EDT |  | FBC | Flagstar Bancorp appoints Sandro DiNello CEO, Lee Smith as COO
Upon becoming CEO, DiNello will replace Michael Tierney as a director of the company and the bank. Tierney, who has served as CEO of both the Company and the Bank since November 2012 and as President of the Company since October 2012, will resume his role as the Bank's Executive Vice President, Personal Financial Services, a position he held prior to becoming President. | |
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