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FBC > SEC Filings for FBC > Form 8-K on 26-Mar-2013All Recent SEC Filings

Show all filings for FLAGSTAR BANCORP INC | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Director Resignation

Effective March 25, 2013, Gregory Eng resigned as a director of Flagstar Bancorp, Inc. (the "Company") and its wholly-owned subsidiary Flagstar Bank, FSB. Mr. Eng's decision to resign was not the result of any disagreement with the Company, the Company's management or the Board of Directors.

Mr. Eng, a partner at MatlinPatterson Global Advisers LLC, was appointed to the Company's Board of Directors (the "Board") in 2009 pursuant to the terms of the Investment Agreement between the Company and MP Thrift Investments L.P. ("MP Thrift") dated as of December 17, 2008 (the "Investment Agreement"). MP Thrift, which beneficially owns 63.8% of the Company's voting stock, is entitled under the Investment Agreement to designate a number of directors to serve on the Board up to the proportion of total voting power of Company voting stock beneficially owned by MP Thrift, so long as MP Thrift owns at least 10% of the total voting power. Two of the Company's remaining nine directors - David J. Matlin, and Peter Schoels - are designees of MP Thrift.

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