New York Community Bancorp Inc. has completed its acquisition of Flagstar Bancorp Inc., merging New York Community Bancorp and Flagstar Bank.
Flagstar Bank operates 395 branches across nine states and operates nationally through its Flagstar Mortgage division. The combined organization will have a diverse revenue and earnings stream; an expansive retail banking network; positions in several national lines of business, including multifamily lending, residential mortgage origination and servicing, and warehouse lending; along with a commercial banking platform.
“We are tremendously pleased and very excited to announce the completion of our merger with Flagstar,” states Thomas R. Cangemi, president and CEO. “The merger creates a company with significant scale and capabilities with a more diversified loan portfolio, an improved funding mix, and a much better interest-rate risk profile. In Flagstar we found a like-minded partner that shares the same values and commitment to our employees, customers, and communities.
“Our employees will benefit from greater opportunities and resources that a bank with almost $90 billion in assets possesses, customers will benefit by having access to a wider array of products and services driven by enhanced technology, and our communities will benefit, including from our $28 billion pledge agreement,” continues Cangemi. “More importantly, the entire organization benefits from having a best-in-class executive leadership team culled from both companies. We couldn’t have picked a better partner as we continue our transition to a full-service commercial bank. I am pleased to welcome Flagstar’s employees and customers to the New York Community family.”
The company has formally named its new executive leadership team: John Adams, senior executive vice president and director of indirect multi-family lending; Reggie Davis, senior executive vice president and president of banking; John Pinto, senior executive vice president and CFO; R. Patrick Quinn, senior executive vice president, general counsel, and corporate secretary; Lee Smith, senior executive vice president and president of mortgage; Meagan Belfinger, executive vice president and chief audit executive; Karen Buck, executive vice president and special advisor to the CEO on the conversion; Jennifer Charters, executive vice president and chief information officer; Beth Correa, executive vice president and director of corporate responsibility; Salvatore DiMartino, executive vice president, chief of staff to the CEO, and director of investor relations; David Hollis, executive vice president and chief human resources officer; Andrew Kaplan, executive vice president and chief digital and banking as a service officer; Ross Marrazzo, executive vice president and enterprise chief compliance officer; Nicholas Munson, executive vice president and chief risk officer; and Julie Signorille-Browne, executive vice president and director of operations.
“When the merger was first announced, I stated that our executive leadership team would be drawn from the combined company’s deep talent pool,” states Cangemi. “I am pleased to formally announce our senior executive leadership team, all of whom will report directly to me as president and CEO. The team we have assembled reflects, what I believe to be one of the most effective and dynamic leadership teams within the regional bank industry.”