52 branches of Wells Fargo in Indiana, Michigan, and Ohio as well as four in Wisconsin. However, numerous issues plagued Flagstar during the transfer, several of which were caused by its main website experiencing technical glitches. Flagstar waived fees, added staff and published an email address where customers could send concerns to alleviate issues. The bank said most issues were resolved by the end of the week. In January 2019, the company initiated a dividend. Community In September 2016, Flagstar Bank announced plans for a $10 million, 5-year economic development program for Pontiac, Michigan. The initiative is aimed at helping revitalize the Oakland County city. The program includes $5 million for home mortgages including a customized home loan product for Pontiac residents, $2.5 million for small businesses and start-ups, $1.5 million for the previously announced naming rights of the Flagstar Strand Theatre for the Performing Arts along with an investment of $1 million for financial literacy in the community. Management Thomas J. Hammond, founder of Flagstar, served as chairman of Flagstar Bank and Flagstar Bancorp. Mark Hammond became president of the bank in 1995 and CEO in 2002. In 2009, former CEO of Sovereign Bancorp Joseph P. Campanelli was named chairman, president, and CEO of Flagstar Bank and Flagstar Bancorp. In 2012, Michael J. Tierney, previously executive vice president and managing director of personal financial services at Flagstar, became president and CEO of the organizations. John D. Lewis, former vice chairman and director of Comerica, was named chairman. Alessandro P. DiNello became president, CEO and director of the organizations in 2013. Controversy On February 24, 2012, the United States Department of Justice filed a complaint in the United States District Court for the Southern District of New York against the bank, alleging that it had improperly approved thousands of residential home mortgage loans for government insurance. In February 2013, a U.S. District court in Manhattan found that the bank had materially breached contracts specifying the quality and characteristics of loans to be packaged into the securities. References https://myflagstar.flagstar.com/mc/business/marketing/sandro-message-quarterly.html External links Banks based in Michigan Companies based in Troy, Michigan Companies listed on the New York Stock Exchange 2022 mergers and acquisitions