Flagstar

Flagstar Bank's Michigan story began in 1987, when entrepreneur Thomas J. Hammond founded it as First Security Savings Bank, FSB, a federally chartered savings bank in Bloomfield Hills, Michigan (near Troy/Detroit area). The bank grew steadily through the late 1980s and early 1990s, including acquisitions like Security Savings Bank in Jackson, Michigan (1994). In 1996, it rebranded to Flagstar Bank, marking its evolution into a larger consumer and commercial institution with a strong emphasis on mortgages. This Michigan-rooted entity later expanded significantly before its 2021–2022 merger into the current Flagstar under New York Community Bancorp.

1601 Briarwood Circle | Ann Arbor, MI 48108

See our ABOUT for the types of research and advocacy projects we undertake. Retainers are negotiated. Please call 888-748-3670 or send Mike an email (maanthon@umich.edu) determine scope and project timeline.

Regional banks (often called community or local banks) play a vital role in growing local economies by keeping money circulating within the community. Deposits from residents and businesses are reinvested locally through loans to small businesses, startups, homeowners, and infrastructure projects—unlike large national banks that may funnel funds elsewhere.

This direct lending fuels job creation, supports entrepreneurship, and enables small businesses (the backbone of local economies) to expand. Their deep understanding of the area allows faster, more flexible, and personalized decisions, fostering sustainable growth, economic resilience during downturns, and stronger community ties.

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Flagstar

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