Shares of Flagstar Bancorp Inc. soared Friday after the company announced that it would bypass shareholder approval for a placement of private capital that hinges on its ability to get money from the Treasury.

The $14.2 billion-asset company in Troy, Mich., announced late Wednesday that the New York Stock Exchange had accepted its application to skip a shareholder vote on a $250 million investment by an affiliate of MatlinPatterson Global Advisers LLC, a New York investment firm.

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