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.
