Flagstar Bank, a community bank with branches in Michigan, Georgia and Indiana, has expanded to become one of the top originators of home loans in the country.
Chartered in 1987 as a federal savings bank, Flagstar Bank actually has roots that go back to 1938 when Security Savings and Loan was opened in Jackson, Michigan. That bank teamed up with a mortgage lender, and the current Flagstar Bank was born. Flagstar Bank has become a full-service community bank and a national leader in the paperless mortgage process.
This combination of old-fashioned community banking and high-tech services has allowed Flagstar Bank to become one of the largest savings banks headquartered in the Midwest, with assets of more than $14 billion and 170 banking centers as of 2010, in addition to their online services.
Awards and ratings
J.D. Power and Associates ranked Flagstar Bank "Highest in Customer Satisfaction with Retail Banking in the North Central Region" in 2010.
Flagstar Bank has been named among the "Top 25 Tech-Savvy Lenders" for six years in a row by Mortgage Technology magazine.
The Better Business Bureau has rated Flagstar Bank on a regional basis, with most regional branches earning a B, B+ or A rating.
Online reviewers of banking services gave high marks to Flagstar Bank for its convenience, customer service and high bank rates.
Flagstar Bank customers can open a checking account, a savings account, a money market account or a certificate of deposit (CD) online or in person at their local branch. A variety of accounts are available to meet the needs of each customer, whether they are in need of the simplest checking account or a more sophisticated array of accounts.
Flagstar offers home loans through their retail branches and wholesale agents as well as online and by toll-free phone.
Flagstar's online banking portal allows customers to check their account balances, transfer funds and pay bills. In addition, the bank's software allows customers to create custom online reports for all their accounts.
Deposit insurance for peace of mind
Flagstar Bank's accounts are FDIC-insured to up to the maximum amount of $250,000 per depositor as of July 2010. If an individual depositor's total account value is over the insurance limit, deposit coverage can be maintained by opening a separate joint account at Flagstar or an account at another financial institution.
If you are a resident of Michigan, Indiana or Georgia, you can rely on Flagstar Bank to provide localized service, but online customers can also take advantage of this bank's reputation for reliable service.