Flagstar Bancorp, Inc. operates as the holding company for Flagstar Bank, a federally chartered stock savings bank. It is the largest publicly traded savings bank in Michigan with assets of over $13 billion in 2016. Flagstar is also a leading mortgage lender and a national leader in the wholesale mortgage business. Flagstar was founded as a federal savings bank in 1987 under the name First Security Savings Bank. The banks chairman was Thomas J. Hammond. The initial branch focused on funding regional retail and wholesale mortgage operations. In 1993, FSSB Holding Corporation was established. Security Savings Bank, based in Jackson, Michigan, was purchased in 1994. The company changed its name to Flagstar Bank in 1996. Flagstar Bancorp went public in 1997. In 2001, it moved its stock listing from the NASDAQ to the New York Stock Exchange. By 2009, the bank had 179 branches. Flagstar was affected by the housing-led recession of 2007, and the bank recorded losses from 2008 until the second quarter of 2012. The company raised $1.6 billion in new capital with investments from MP Thrift Investments L.P., the Treasury Departments Troubled Asset Relief Program (TARP), and public offerings. Flagstaff 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. Flagstar reached settlements in several cases to move past the legacy issues that arose through its mortgage operations. In May 2013, Flagstar paid a $110 million settlement to MBIA. In June 2013, Flagstar reached a $105-million settlement with Assured Guaranty. Flagstar paid a $93.5-million settlement to Fannie Mae in November 2011, and $8.9 million to Freddie Mac in December 2013. In September 2014, Flagstar agreed to pay $37.5 million to the Consumer Financial Protection Bureau.