Flagstar Bank today announced it is investing $10 million over five years to drive further development in Pontiac and create a platform for future economic successes. At the heart of Flagstar’s investment will be a coalition of community stakeholders to provide input and help move initiatives forward.
The areas of focus and amounts committed are:
Homeownership – $5 million for Flagstar’s Pontiac home mortgage initiative, including a customized home loan product for Pontiac residents and veterans
Economic Development – $2.5 million for small businesses, start-ups, business attraction, and economic growth
Flagstar Strand Theatre for the Performing Arts – $1.5 million for the previously announced naming rights to the Flagstar Strand Theatre for the Performing Arts, as well as community engagement through volunteerism and outreach related to the theatre.
Financial Capability – $1 million for financial literacy and asset-building initiatives
Flagstar will work closely with the mayor’s office to craft its initiatives, which also include the loan of a Flagstar financial executive to serve the city in an advisory capacity.
“Pontiac is in our backyard — ten minutes from our headquarters,” said Sandro DiNello, president & CEO of Flagstar Bank. “It’s the county seat and an important city in an important county. Last October we signed on as a naming rights partner of the Flagstar Strand Theatre. Last month, we signed on as a sponsor of Pontiac Power Week. Now we’re signing on to make to make a significant, lasting economic impact on a city that already has great momentum on its side. We want to catch that momentum and carry it to the top.”
“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.”
“The City of Pontiac has made great strides to promote long term economic growth, and partnerships with community institutions like Flagstar Bank can harness those efforts and bring even greater success,” said Senator Gary Peters. “I’m thrilled to help announce Flagstar Bank’s vital investment in the City of Pontiac, which will help ensure residents have more opportunities to realize the American dream of homeownership, launch innovative small businesses, and build a community network to help Pontiac grow and thrive in the long run.”
“What makes Flagstar’s commitment different is the extensive community input planned for every initiative,” said Ron Borngesser, CEO of Oakland Livingston Human Service Agency. “Whatever the investment, representatives from the community will be there give their feedback and shepherd it through every step of the way.”