UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 27, 2005
FLAGSTAR BANCORP, INC.
(Exact name of registrant as specified in its charter)
MICHIGAN 1-16577 38-3150651
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation) Number) Identification No.)
5151 CORPORATE DRIVE, TROY, MICHIGAN 48098
(Address of principal executive offices) (Zip Code)
(248) 312-2000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS
(c) On July 27, 2005, the Board of Directors of Flagstar Bancorp, Inc.
(the "Company") appointed Joel D. Murray to the position of Senior
Vice-President and Chief Accounting Officer. Mr. Murray, 47, was previously a
First Vice President of Flagstar Bank, fsb, a wholly-owned subsidiary of the
Company (the "Bank"), from July 2004. Prior to joining the Bank, Mr. Murray
served as an auditor with the Fort Worth, Texas-based accounting firm of Whitley
Penn from December 2003 to May 2004. From June 2003 to November 2003, Mr. Murray
served as an accounting consultant. He joined Grant Thornton LLP, CPAs, in 1988
and served as an audit partner from 1990 to May 2003. From 1979 to 1988, Mr.
Murray was an accountant with the Price Waterhouse accounting firm. Mr. Murray
received a bachelor's degree in accounting from Baylor University in 1979.
There is no family relationship between Mr. Murray and any director or
executive office of the Company.
Mr. Murray entered into an employment agreement with the Bank, dated July
6, 2004, which remains in effect, although Mr. Murray no longer serves as First
Vice President of the Bank. The Agreement has a term of 36 months and provides
for a current base salary of $215,000 per year, increasing to $225,000 in July
2006. Mr. Murray is also eligible to receive a discretionary bonus and
participate in other employee benefits maintained by the Company for its
employees. If Mr. Murray's employment is terminated by the Company without `just
cause" (as defined therein), he will be entitled to his base salary through the
remaining 36 month term of the Agreement plus an amount equal to all health,
life, disability and other benefits he would have been eligible to participate
in through the remaining term, subject to applicable limitations on severance
benefits established by the Office of Thrift Supervision. Mr. Murray is required
to devote his full business time to the business of the Company and is subject
to a noncompetition provision. Mr. Murray's employment agreement is filed
herewith as Exhibit 10.1 and is incorporated into this Item 5.02 by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibit is being furnished herewith:
Exhibit No. Exhibit Description
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10.1 Employment Agreement between Flagstar Bank, FSB and Joel Murray,
dated July 6, 2004.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
FLAGSTAR BANCORP, INC.
Dated: August 2, 2005 By: /s/ Paul D. Borja
----------------------------------
Paul D. Borja
Executive Vice-President and Chief
Financial Officer
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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10.1 Employment Agreement between Flagstar Bank, FSB and Joel Murray,
dated July 6, 2004.