Flagstar Commences $50 Million Accelerated Share Repurchase
Flagstar Bancorp, Inc. (FBC)
Last flagstar bancorp, inc. earnings: 4/28 06:30 am
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US:NYSE Investor Relations:
flagstar.com/about-flagstar.html
Company Research
Source: PR Newswire
TROY, Mich., Jan. 31, 2019 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC), the holding company (the Company") for Flagstar Bank, FSB, today announced that as part of its previously announced intention to return capital to shareholders through dividends and share buybacks, the Company has entered into an accelerated share repurchase ("ASR") agreement with Wells Fargo Bank, N.A. ("Wells Fargo"), to repurchase up to $50 million of the Company's common stock.The ASR program is expected to commence on February 1, 2019. Under the terms of the ASR, the Company will receive an initial delivery of approximately 1.3 million shares which represents 82 percent of the total number of shares expected to be repurchased pursuant to the ASR program, based on the closing price of $30.85 on January 31, 2019. The total number of shares to be repurchased will be based on the average of the Company's daily volume-weighted average stock price, less a discount, during the term of the ASR program, which i
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