Flagstar Bank, N.A., a subsidiary of Flagstar Financial, Inc. (NYSE: FLG) hosted a grand opening event to commemorate its new branch in Brooklyn’s Bedford-Stuyvesant neighborhood. In conjunction with the event, the Bank announced a $50,000 Community Reinvestment Act (CRA) grant to Neighborhood Housing Services of Brooklyn Bedford-Stuyvesant CDC, a local building tenant and community partner.
The grant will support first-time homebuyer and financial education programs, covering materials, marketing, and administrative costs, while also including a youth component focused on financial responsibility. Eligible workshop participants may be awarded up to $10,000 from the Flagstar Downpayment Assistance Program and other downpayment assistance programs. Financial literacy courses, covering budgeting, savings, credit, and banking fundamentals, are available both in-person and virtually.
“We believe that a fundamental aspect of being a community-centric bank is our consistent dedication to uplifting those who need support in achieving their goals,” said Beverly Meek, Director of Community Reinvestment Act Giving. “Our gift to Neighborhood Housing Services is more than just a promise fulfilled—it’s a shared vision for developing affordable housing that benefits the entire community.”
The new 2,400 square-foot branch on 1911 Atlantic Avenue in Brooklyn, NY, represents a significant investment in enhancing banking services for low- and moderate-income communities, particularly in majority-minority neighborhoods. This branch reflects the Bank’s ongoing commitment to adding value to its communities through resources, education, and financial support, and in alignment with its multi-year community benefits agreement.
“Change is the only constant in this world,” said Reggie Davis, Senior Executive Vice President and President, Consumer and Small Business Banking. “We see this new branch as a catalyst for the positive transformation we envision in the community. By supporting underbanked neighborhoods, providing financial literacy education, and empowering community members with essential skills, we are helping them take control of their financial futures and creating lasting impact in their lives.”
The branch is located within a newly renovated mixed-use building in a joint venture between Dabar Development Partners and Thorobird Companies and provides 235 units of housing for low- and moderate-income households.
About Flagstar Financial, Inc.
Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York. At September 30, 2024, the Company had $114.4 billion of assets, $73.0 billion of loans, deposits of $83.0 billion, and total stockholders’ equity of $8.6 billion.
Flagstar Bank, N.A. operates over 400 branches, including a significant presence in the Northeast and Midwest and locations in high growth markets in the Southeast and West Coast. In addition, the Bank has approximately 90 private banking teams located in over 10 cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses.
