Flagstar On Unusual Stock Volume (FBC), $600 Million Share Sale #banks

Flagstar Bancorp ($FBC), a regional bank headquartered in Troy, Michigan (who needs a capital injection) put out a press release regarding the big stock volume on 9/14 and 9/15/2010. They didn't address the volume specifically but reaffirmed their outlook for 2010 with key drivers. I originally found this information at Crain's Detroit Business.

MatlinPatterson Global Advisers LLC, the majority owner of Flagstar, who provided a $250 million capital injection in December 2008, is trying to raise $600 million through a stock offering. For a better explanation, listen to this Bloomberg audio interview with an Oppenheimer analyst.

It will be interesting to see what happens. Below is part of the press release, $FBC's stock chart with volume and a ychart showing the five year net income and revenue trend ending on 6/30/2010. $FBC hit a 52 week low of $1.73 on 9/15 and closed at $1.94 today.
FLAGSTAR RESPONDS TO UNUSUAL MARKET ACTIVITY

TROY, Mich. (September 15, 2010) — Flagstar Bancorp, Inc. (NYSE:FBC) (“Flagstar”) today responded to the unusual activity in the market for its common stock. Although it is generally Flagstar’s practice not to respond tof market rumors, management believes that it is appropriate to do so in this case. Accordingly, Flagstar reaffirms its outlook for 2010 for key drivers as disclosed during its earnings call for the quarter ended June 30, 2010. The key drivers for 2010 are: (read more)


FBC Stock Chart by YCharts


Here is a static snapshot if the times update.


FBC 2 Minute Chart 9/14/2010 - 9/15/2010 (FreeStockCharts.com)


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