Flagstar Bancorp announces mass layoff

“He will be working closely with Steven Vo, our new Massachusetts Area Branch Manager, to develop our business in the greater Braintree area.” Carter brings nearly 20 years of experience in the mortgage lending industry to the position. He most recently worked for Flagstar Bank.

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Needham Bank in Massachusetts has hired a banking veteran as its next. Campanelli has experience running much bigger banks, including Sovereign Bancorp in Philadelphia, and Flagstar Bancorp in Troy.

Flagstar Bancorp, Inc. operates as a savings and loan holding company for Flagstar Bank, FSB that provides commercial and consumer banking services to individuals and businesses in the United States.

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Flagstar Bancorp announces mass layoff – housingwire.com – Bank to slash 600 positions as part of restructuring. The loans linked to Flagstar led to months of legal wrangling and then a series of settlements. The lender announced the cuts as part of a broader initiative to focus on today’s lending environment.

Troy-based Flagstar Bancorp. announced in a release Thursday that a "restructuring initiative" will ultimately result in 600 layoffs from its Sept. 30, 2013 headcount level.

Raanjhanaa What to expect when your bank sells your checking account. Wells Fargo announced in early June that it’s selling 52 branches in the Midwest to Flagstar Bank, a midsize federal savings bank based in Troy, Michigan. Soon, there will be no Wells Fargo branches in Indiana, Michigan or Ohio. Wisconsin will lose four branches, leaving 48 locations for customers in that state.

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Flagstar Bank, a unit of Michigan-based Flagstar Bancorp Inc., said in the bankruptcy court filings that it is owed about $69 million. Flagstar filed a lawsuit last month in U.S. District Court for the Eastern District of Michigan demanding that Michael C. Hild , the CEO of Live Well and guarantor on the loans, repay the bank more than $82.

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