Flagstar Bank is a Michigan-based bank that has one of the largest residential mortgage servicers in the United States, as well as included in a list of the largest banks in the country. On April 26, 2021, New York Community Bancorp, Inc. (NYCB) issued a press release indicating that they were acquiring Flagstar Bank (FSB) in an all stock strategic merger. On December 1, 2022, NYCB completed the acquisition of Flagstar Bancorp, Inc., a bank holding company whose FSB was the primary subsidiary. History First Security Savings Bank was founded as a federal savings bank in 1987. The chairman of the bank was Thomas J. Hammond. The initial branch focused on funding regional retail and wholesale mortgage operations. In 1993, FSSB Holding Corporation, a bank holding company was established. In 1994, the company acquired Security Savings Bank, based in Jackson, Michigan. In 1996, the company changed its name to Flagstar Bank. In 1997, the company became a public company via an initial public offering. In 2001, it moved its stock listing from the NASDAQ to the New York Stock Exchange. During the financial crisis of 2007-2008, the company raised $1.6 billion in new capital with investments from MP Thrift Investments L.P., the Troubled Asset Relief Program (TARP), and public offerings. Flagstar effected 1:10 reverse stock splits in 2010 and 2012 to maintain its New York Stock Exchange listing. The U.S. Department of Treasury sold its preferred stock of Flagstar to private investors in 2013. In May 2013, Flagstar paid a $110 million settlement to MBIA. In June 2013, Flagstar reached a $105 million settlement with Assured Guaranty related to its RMBS. Flagstar paid a $93.5-million settlement to Fannie Mae in November 2011, and $8.9 million to Freddie Mac regarding its RMBS mortgage repurchase obligations in December 2013. In September 2014, Flagstar agreed to pay $37.5 million to the Consumer Financial Protection Bureau. In 2013, the company sold a $1.3 billion commercial loan portfolio to CIT Group. In August 2016, the bank repaid all of the funds it received under the Troubled Asset Relief Program (TARP). Flagstar Bank was the jersey sponsor of the Detroit Pistons of the National Basketball Association for the 2017-18 NBA Season. In March 2018, the bank acquired 8 branches in San Bernardino County, California from Desert Community Bank. The company also acquired a mortgage warehouse loan portfolio from Santander Bank. In December 2018, Flagstar acquired all