Flagstar Bancorp, the holding company for Flagstar Bank, FSB, today announced that the Bank has completed its previously announced agreement to sell its 27-branch retail bank franchise in Georgia to PNC Bank, N.A., part of The PNC Financial Services Group, Inc.

At the closing, the Bank sold or assigned the leases associated with the branches and sold the associated business and retail deposits (approximately $210 million).  PNC paid the Bank net book value of the acquired real estate and fixed and other personal assets associated with the branches.

"With the consummation of this transaction and the previously consummated sale of the retail bank franchise in Indiana, we can now focus our efforts and resources on growing our core markets -- the Michigan retail and commercial banking divisions and New England commercial banking operations," said Joseph P. Campanelli, Chairman of the Board, President and CEO.