01.30.25

Flagstar To Close About 60 Retail Branches This Year

by: Caitlin Mullen

Flagstar Financial is consolidating its real estate footprint, as part of the lender’s efforts to shed $600 million in operating expenses by the end of the year, CFO Lee Smith said during the bank’s fourth-quarter earnings call. Smith said Flagstar is closing about 60 retail branches under the plan. Flagstar reported a fourth-quarter loss of $160 million, according to an earnings release. However, CEO Joseph Otting said he expects the bank to post profits in the fourth quarter of 2025, marking a turning point on the company’s return to consistent profitability.

Read the full article on Banking Dive