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Flagstar Financial (NYSE: FLG) has appointed Lee Smith as Senior Executive Vice President and Chief Financial Officer, effective December 27, 2024. Smith, who joined Flagstar in 2013 and most recently served as President of Mortgage, succeeds Craig Gifford, who will remain with the Bank through March 31, 2025, to ensure a smooth transition.
Smith brings over 25 years of experience in accounting, finance, mortgage, and operations. He previously served as Partner at Matlin Patterson Global Advisers and is a member of the Institute of Chartered Accountants in England and Wales.
As of September 30, 2024, Flagstar reported $114.4 billion in assets, $73.0 billion in loans, $83.0 billion in deposits, and $8.6 billion in stockholders' equity. The bank operates over 400 branches across the Northeast, Midwest, Southeast, and West Coast.
Flagstar Financial (NYSE: FLG) has appointed Brian Callanan, Senior Managing Director and General Counsel at Liberty Strategic Capital, to its Board of Directors, effective December 16, 2024. This appointment follows Liberty's $1.05 billion equity investment in March 2024, which included provisions for two Board seats.
Callanan brings significant experience in financial regulation and compliance, having previously served as General Counsel of the U.S. Department of Treasury, where he oversaw 2,000 lawyers and managed key initiatives including COVID-19 economic rescue programs. With his addition, FLG's Board expands to nine members.
The company currently manages $114.4 billion in assets, $73.0 billion in loans, and $83.0 billion in deposits, with a total stockholders' equity of $8.6 billion as of September 30, 2024.
Flagstar Bank has completed the sale of its residential mortgage servicing/sub-servicing business, mortgage servicing rights, and third-party origination platform to Mr. Cooper Group for approximately $1.3 billion in cash. The transaction is expected to boost the Company's CET1 capital ratio by about 60 basis points. This strategic move aligns with Flagstar's transformation into a regional bank focused on Retail Banking, Commercial and Private Banking, and Commercial Real Estate lending. The bank will maintain residential mortgage products through retail origination channels and Private Bank services.
Flagstar Bank celebrated the opening of a new branch in Brooklyn's Bedford-Stuyvesant neighborhood with a $50,000 Community Reinvestment Act grant to Neighborhood Housing Services. The grant supports first-time homebuyer and financial education programs, with eligible workshop participants qualifying for up to $10,000 in downpayment assistance.
The new 2,400 square-foot branch on 1911 Atlantic Avenue represents a significant investment in enhancing banking services for low- and moderate-income communities. Located within a newly renovated mixed-use building providing 235 housing units, the branch offers full banking services and financial education programs both in-person and virtually.
Flagstar Bank (NYSE: FLG) has appointed two senior leaders to strengthen its technology and risk management teams. Christopher Higgins joins as Chief Information Officer, bringing 40 years of executive experience, including successful management of 13 post-merger systems conversions at U.S. Bank. Rich Martin becomes Head of Credit Review, with 30 years of credit risk management expertise, previously overseeing $220 billion in credit exposure at First Citizens Bank. As of September 30, 2024, Flagstar reported $114.4 billion in assets, $73.0 billion in loans, $83.0 billion in deposits, and $8.6 billion in stockholders' equity.
New York Community Bancorp reported a Q3 2024 net loss of $280 million, with a net loss attributable to common stockholders of $289 million ($0.79 per diluted share). Adjusted for merger-related expenses and items from mortgage warehouse business sale, the net loss was $243 million ($0.69 per diluted share). Key highlights include deposit growth of $4 billion (5%), reduced wholesale borrowings by 31%, and maintained an allowance for credit losses ratio of 1.87%. The bank continued its de-risking strategy with commercial real estate exposure declining 3%. Net interest income decreased to $510 million, down 8% from Q2 2024 and 42% year-over-year.
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