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Flagstar Bancorp prices secondary offering at $34.50 per share

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Flagstar Bancorp prices secondary offering at $34.50 per share

Troy, Mich.-based Flagstar Bancorp Inc. priced the previously announced secondary offering of 8 million common shares by MP Thrift Investments LP at $34.50 per share.

Flagstar Bancorp will not receive any proceeds from the offering, which is expected to close June 14.

MP Thrift has granted the underwriters a 30-day option to purchase up to an additional 1.2 million Flagstar common shares.

Upon closing, MP Thrift will own about 48% of the company's outstanding common stock, assuming that the underwriters' option to purchase additional shares is not exercised.

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