With a new line of products, Flagstar Bancorp in Troy, Mich., is following through with a plan to increase its commercial business.
The $13.7 billion-asset company, which has been struggling for several years, on Monday rolled out a variety of business banking products in Michigan, Indiana and Georgia. The products are in such areas as treasury management, merchant services, remote deposit and business checking accounts.
Flagstar's chairman and chief executive, Joseph P. Campanelli, said in a press release that the business banking focus is critical to Flagstar's transformation into a full-service bank, a goal he identified earlier this year.
"With these products for small businesses, we're taking a big step forward in giving our customers everything they expect from a traditional bank," Campanelli said.
Flagstar also plans to launch consumer loan and credit card products by yearend.