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MP Thrift Investments selling 14% stake in Flagstar

Flagstar Bancorp Inc. said investor MP Thrift Investments LP is selling 8.0 million shares of the bank's common stock in an underwritten secondary offering.

Based on the shares' closing price of $35.24 on June 11 and assuming the full exercise of the underwriters' 30-day option to buy up to 1.2 million additional shares, the gross proceeds would amount to about $324.2 million.

The shares subject to the offering make up about 14% of Flagstar's outstanding common stock. The selling stockholder will own about 48% of the bank's outstanding common stock once the offering is completed if the underwriters' option is not exercised.

Sandler O'Neill & Partners LP and Keefe Bruyette & Woods are the underwriters for the offering.