Flagstar Banks Commits $10 Million to Investing in Pontiac

GallowayCollensTOPsunsetREVISEDdaytrip_to_holly_top-generalFlagstar Banks Commits $10 Chazzano03Million to Investing in Pontiac

(City of Pontiac, Oct. 2, 2016)

Pontaic, MI – Troy-based Flagstar Bank announced on Monday, September 19, 2016, a $10 million investment into the City of Pontiac.  Speaking at the event was representatives from the city, county and state, which included, Mayor Deirdre Waterman; U.S. Senator Gary daytrip_vintage-farm-house_lampPeters; Andrew Meisner, Oakland County Treasurer; Patrick McPharlin, Director of the Department of Insurance and Financial Services; Ron Borngesser, CEO of the Oakland Livingston Human Service Agency; Sandro DiNello, CEO of Flagstar Bank, to name a few.

 

This investment will take place over a five-year period and will include several areas.  They include:

$5 million for home ownership mortgages

$2.5 million for economic development for both new and established small businesses lisa schmidt law

$1.5 million will go toward the Flagstar Strand development

$1 million toward financial capability, assisting in building assets and wealth with lower income households

Mayor Waterman stated “Having Flagstar Bank step up as a major partner is a game changer for Pontiac.  The $10 million investment in the City will further boost Pontiac’s resurgence.  In addition to the economic support, the volunteers and financial expertise will increase homeownership and the sustainability for small and start-up businesses.  We will continue to work with our other financial partners, such as Oakland County Treasurer Andy Meisner, to maximize the fiscal impact that this partnership will bring.”

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