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Flagstar board member resigns


James Coleman resigned from the Flagstar Bancorp (FBC: 0.64 +2.61%) board of directors on Friday.

The Troy, Mich.-based bank grew from the 32nd largest mortgage lender in the country in 2006 with .3 billion in originations to the 11th largest in 2010 at .5 billion. But it hasn't reported a profit since the second quarter of 2008 when the housing market collapsed.

Flagstar has been unloading nonperforming mortgages an even shed its Indiana banking franchises in the second quarter. The New York Stock Exchange warned the company in August of a possible delisting because its stock traded at less than for 30 consecutive days.

Now, Coleman leaves after nearly two decades on the bank's board.

"Dr. Coleman has served as a member of our board of directors since 1993, and we have benefited from his experience and insight," said Flagstar CEO Joseph Campanelli. "We appreciate his many contributions over the past 18 years and wish him well in the future."

Write to Jon Prior.

Follow him on Twitter @JonAPrior.



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