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Saturday, 20 July 2013 09:03

July 20, 2013: Horizon Bank posts record results; Flagstar dumps mortgage servicing

Written by  MiBiz Staff
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Welcome to the MiBiz News Ticker's weekend edition.  We'll catch up on a few items that we missed earlier this week and post any relevant West Michigan business news that pops up either today and tomorrow.  Send breaking news to [email protected]

Michigan City, Ind.-based Horizon Bancorp (Nasdaq GM: HBNC), which operates branches in Southwest Michigan and Northern Indiana, posted its best-ever quarterly income in the company's history.  Second-quarter net income improved 15.4 percent to $5.7 million, or $0.62 per diluted share, compared to the same period last year. Strong growth in mortgage originations and the bank's commercial loan portfolio, which passed the $500 million mark for the first time in its history, helped offset decreases in other loan portfolios during the first half of 2013.  The release is here and financial charts are here

Flagstar Bancorp (NYSE: FBC) announced plans to outsource the servicing of defaulted mortgages, a move that could result in the layoff of up to 300 employees.  The Troy-based bank said it expects to hire a subservicer, which it didn't name, to handle the serving operations. The business makes up less than 4 percent of Flagstar's overall service portfolio of $74 billion, according to this release.  The company expects to report second-quarter results and to host its quarterly conference call on July 24.  

Read 2919 times Last modified on Wednesday, 24 July 2013 06:56

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