Flagstar Bancorp Appoints William F. Pickard to Board of Company and Bank

TROY, Mich., Feb. 29 /PRNewswire-FirstCall/ -- Flagstar Bancorp (NYSE:FBC) announced today that the boards of directors of the company andFlagstar Bank, its wholly owned subsidiary, each appointed William F.Pickard as an independent member of the boards of directors of the companyand the bank. (Photo: http://www.newscom.com/cgi-bin/prnh/20080229/CLF088 ) Dr. Pickard is chairman and CEO of VITEC, LLC, a joint venture with TIGroup of London, England, and chairman and CEO of Global AutomotiveAlliance LLC of Detroit, which comprises six manufacturing entities witheight plants in four states and Canada. He also is a member of the board of directors of Asset AcceptanceCapital Corp., and serves on its audit and compensation committees. AssetAcceptance operates nationwide and purchases charged-off consumer debt fromcredit issuers and then uses proprietary methods to collect on them. Dr. Pickard holds a master's degree from the University of Michigan anda Ph.D. from Ohio State University. He currently serves as adjunctprofessor at the University of Michigan School of Business. Dr. Pickard has 30 years' experience as an entrepreneur, focusing onbusiness development, team building and long-term strategic planning in hisvarious enterprises, which include an assembly company, an automotiveinterior trim supplier and an inventory management and logistics company. In 2002, Dr. Pickard was named Michiganian of the Year for hismentorship of new entrepreneurs and his leadership of Global AutomotiveAlliance. "We welcome Dr. Pickard to our boards," said Mark Hammond, vicechairman and CEO of Flagstar, "and we expect his extensive businessexperience and background as an entrepreneur to be a great asset to thecompany and the bank." With $15.8 billion in assets at December 31, 2007, Flagstar Bancorp isthe largest publicly held savings bank headquartered in the Midwest.Flagstar operated 164 banking centers in Michigan, Indiana and Georgia and143 home loan centers in 27 states at year-end 2007. Flagstar originateshome loans nationwide and is one of the leading originators of residentialmortgages. The information contained in this release is not intended as asolicitation to buy Flagstar Bancorp, Inc. stock, is provided for generalinformation, and is not intended to predict the future earnings of FlagstarBancorp, Inc. Additional information about Flagstar may be accessed via theInternet at http://www.flagstar.com.