By Paul Janczewski
Legal News
In its rich, 25-year history, Flagstar Bank has been transformed from primarily a financial mortgage institution into a full-service bank, with 111 branches in Michigan, many in the southeast corner of the state.
And as it has evolved, the bank has become a major player in the re-evolution of Detroit and its surrounding communities, taking part in civic and other events by giving back to the people, places and organizations that have helped it grow. Flagstar has been involved in the MotownWinter Blast, the Chevrolet Detroit Belle Isle Grand Prix, River Days, the March of Dimes, the North American International Auto Show, and many other causes to show its commitment to the area.
And this year, Flagstar Bank has entered the legal arena by becoming a Platinum Sponsor of the Signature Event, the Oakland County Bar Foundation’s (OCBF) annual fund-raiser to aid legal assistance and legal education programs.
“We have really worked hard at being involved in many different events throughout Michigan, specifically in the city of Detroit,” said Jacqui Kane, Flagstar’s vice president of Specialized Financial Services. “We really want to make sure that the community knows we’re out there.”
With its Platinum sponsorship of $10,000 to the Signature Event, there’s every indication the legal community is aware of Flagstar’s presence.
“That’s good for us, too,” said Kane. “It’s part of our community responsibility. As we’ve been growing and developing and working with local law firms, and building those businesses and relationships, we understand that the majority of our partners professionally are also members of the (OCBF and Oakland County Bar Association), so it seems like a great way to tie our efforts together.”
Flagstar opened in 1987 as First Security Savings Bank, a federal savings bank, with $3 million in assets and one branch. Five years later, it expanded its home lending operations nationally, and in 1993 formed a bank holding company. The following year, its first and only acquisition to date occurred when it acquired Security Savings of Jackson, along with five bank offices. By 1995, the assets grew to more than $1 billion.
In 1996, the name was changed to Flagstar, following an employee contest to rename its combined entities. In 2000, the bank moved from Bloomfield Hills into corporate headquarters in Troy. Later, Flagstar switched from the NASDAQ to the New York Stock Exchange, and in 2003 posted $56.5 billion in mortgage loan originations. Its 100th bank branch was opened in 2004. And, in 2009, a new management team created a model to transform Flagstar into a full-service community bank offering a wide range of services for consumers and businesses.
By 2010, Flagstar had a full line of consumer loans and business banking products, and added more products the following year to make itself into a full-service community bank. It also divested Indiana and Georgia franchises to focus on Michigan. Last year, Flagstar boasted net income of $62.7 million, and also named Michael Tierney as CEO of Flagstar Bancorp and Flagstar Bank, and President of Flagstar Bancorp last December.
It celebrated its 25th anniversary May 20, 2012, and consolidated mortgage servicing operations near its headquarters. With 3,800 employees, it sits in the Top 10 employers in Oakland County. In 2011, Flagstar Bancorp received the J.D. Power and Associates award for the second year in a row for customer satisfaction for the North Central Region.
“We’re pretty proud to be the largest bank headquartered in Michigan,” Kane said. “A lot of banks say they are local, but we are truly your local hometown bank.”
And that has remained steady through the good times and bad, things that Michiganders have experienced firsthand. So has Kane. From the Kalamazoo area, she worked for several banks in management and treasury management, including a local community bank that didn’t survive the recession. She joined Flagstar three years ago when it was diversifying and developing and growing commercial initiatives.
“It fit right in with what I did,” she said.
From the treasury side, Kane moved to her role in formulating specific solutions for certain industries.
“We recognize banking is not one size fits all,” Kane said. “It’s identifying certain markets, and what are they looking for. And instead of throwing all products and services at a customer, we want to be specific with what we have to offer and target clients that way in helping tell our story and approach them first with the solutions that are most needed.”
Ironically, she has worked with Tierney at other places her entire career.
“So I’m thrilled to be together again,” she said.
Kane said Flagstar offers a variety of products and services, geared towards individual consumers and businesses, and some specialty products aimed at certain industries, such as the legal profession and others.
As the bank’s spokesperson for the Signature Event, Kane hopes to tell the legal community what the bank can offer.
“I’ve had the pleasure of working with many different firms and bar associations,” Kane said.
She said Flagstar has recognized the need for diversification, which includes growing business relationships.
“So as our bank evolved and changed, we found that there are so many other local opportunities and events we should be involved with,” Kane said.
Another thing Flagstar has started is a program called SimplyOne at two branches and available at all branches April 26. Called an alternative to a standard checking account, SimplyOne costs $1 to open, $1 monthly service fee, $1 per money order, $1 for using ATM’s that Flagstar does not own or operate, and $1 if the customer wants a monthly paper statement.
Instead of checks, people use a PIN-based ATM card for transactions. With no checks, there is no worry about overdrafts or non-sufficient funds fees. Customers can make purchases with the card, use a number of ATMs, utilize online banking and bill paying, and a wide range of other financial services.
Kane said her involvement with specialized financial services at Flagstar, along with its commitment to customers, the community, and its employees have made it a terrific place to work.
“What is great, and what so many of us seek as banking professionals, is the ability to affect change and to have a voice that’s heard,” Kane said. “We know our markets and we know what our customers are looking for and it’s being able to craft solutions that really work.”
And that includes Flagstar’s involvement with the Signature Event.
The 14th Annual Signature Event will be held April 19 at the Oakland Hills Country Club. The proceeds from this year’s event will be used to support OCBF grants for the University of Detroit Mobile Law Office, the Family Law Assistance Program, the Youth Law Conference, the Center for Civic Education Through Law, and the Beaumont Hospital Legal Aid for Children program, among other causes. Since 2002, the OCBF and its sponsors have contributed more than $1.2 million to help fund important programs.
“I’m thrilled and excited and always welcome the opportunity to get to work with other members here locally,” she said. “It’s a nice event to bring people together, and to have open discussions about what we do.”
Kane believes it is a partnership that will continue. She said it’s all about building relationships.
“And those are never just a one-time event, a one-time opportunity. It’s important to us as a business to give back to the community,” she said. “As a Michigan-based business, we see that need on a daily basis and we’re committed to this area and continuing our relationship with the various organizations.”
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