Michigan bank to open home loan center in Providence

PROVIDENCE – After an absence of about a decade, Flagstar Bank plans to open a home loan center in Providence in September.

The Troy, Mich.-based bank will operate the loan center at 311 Broadway in the city’s Federal Hill section with a staff of six loan advisers and support staff, the company announced. An exact date has not yet been set.

Leading the local team will be Jonathan Salinger and Jesse Kenner, co-brand managers, who have a combined 35 years of experience in the real estate and mortgage industries, the company said.

The bank last operated in Providence about a decade ago but closed here sometime during or after the so-called “Great Recession” and housing market crash, a company spokeswoman said.

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The bank operates under Flagstar Bancorp, a $20.2 billion savings and loan holding company with 160 branches in Michigan, Indiana, California, Wisconsin and Ohio.

It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 78 retail locations in 21 states.

The Providence retail location will be Flagstar’s only branch in Rhode Island.

“Flagstar has been in business for more than 30 years; it has a powerful lineup of products, including [Department of Veterans Affairs] and [Federal Housing Administration] loans, and niche products [such as] loans to professionals,” Salinger said in a statement. “Plus, it can offer clients the security of dealing with one of the country’s largest federal savings banks.”

Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.