Flagstar Bancorp Inc. raises $300 million in stock offering

Troy-based Flagstar Bancorp Inc. (NYSE: FBC) announced Thursday it has raised $300 million through a previously announced rights offering that ends Feb. 8.

The money was raised through the purchase of $422.5 million shares of stock by the bank’s majority owner, MP Thrift Investments L.P. of New York.

MP Thrift retains the right to purchase another $140.8 million shares.

The bank also announced it has entered into an agreement with the U.S. Office of Thrift Services to address the federal regulator’s concerns over past practices.

“We believe this investment by MP Thrift reflects continuing confidence in the bank franchise as well as in our executive management team,” said Chairman and CEO Joseph Campanelli in a press release. “With a solid capital position, we will be better able to execute on our business plan.”

Flagstar also announced that Todd McGowan has joined it as chief risk officer. McGowan was previously the regional quality risk management partner at Deloitte Touche.