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MP Thrift sells entire stake in FBC
Posted on Friday, 06 November 2020 14:10
MP Thrift Investments is offloading its entire 17.3 per cent stake in Flagstar Bancorp (FBC) for USD 278.85 million via a secondary offering priced at USD 30.60 apiece.
Morgan Stanley is acting as underwriter to the sale of 9.11 million existing shares in the USD 27.50 billion savings and loan holding company headquartered in Troy, Michigan.
FBC closed down 1.9 per cent yesterday at USD 30.60 and a market capitalisation of USD 1.78 billion.
The group was founded in 1993 and operates through its main subsidiary, Flagstar Bank, which is a federally chartered stock savings lender established in 1987.
It provides commercial and consumer services and claims to be the sixth largest bank mortgage originator and subservicer of these kind of loans in the US.
As at 30th September 2020, FBC had a net interest margin of 2.7 per cent, a return on average assets of 2.9 per cent, and an efficiency ratio of 48.3 per cent.
The company also had a tier 1 common equity of 9.2 per cent, tier 1 capital of 10.3 per cent, total capital of 11.3 per cent and a tangible common equity to asset ratio of 6.9 per cent, as at this date.
FBC booked net profit of USD 384.00 million in the first nine months of 2020.
According to Zephyr, the M&A database published by Bureau van Dijk, 83 secondary offerings have been announced globally in 2020 to date.
The largest of the year so far saw PNC Bancorp cashing in on its 20.5 per cent stake in BlackRock for USD 13.28 billion.
Other high-value secondary offerings have targeted Softbank Corporation, Regeneron Pharmaceuticals and Petroleo Brasileiro.
© Zephus Ltd