HICKSVILLE, N.Y., Sept. 16,
2024 /PRNewswire/ -- Flagstar Bank, N.A., the
bank subsidiary (the "Bank") of New York Community Bancorp, Inc.,
(NYSE: NYCB) (the "Company"), announced today the expansion of its
Commercial and Private Banking leadership team with the appointment
of four accomplished senior executives.
"We are excited to welcome four outstanding new senior
executives to our Commercial and Private Banking team," said
Joseph Otting, Chairman, President,
and CEO, Flagstar Bank. "Their deep expertise and impressive track
records are crucial as we enhance our client coverage and advance
both our product and commercial capabilities. These new
appointments reflect our commitment to delivering personalized
experiences and strengthening our Commercial and Private Banking
strategy, which is central to our business model."
Joining Flagstar's senior leadership team, reporting to
Rich Raffetto, Senior Executive Vice
President & President of Commercial and Private Banking, unless
otherwise noted, include:
Joe Abruzzo: Executive Vice
President and Head of Regional Commercial Banking & Corporate
Banking
Joe brings nearly 40 years of experience to Flagstar
in commercial, corporate, and private banking. During his over
26-year tenure at JPMorgan, he leveraged his client-focused
approach, strong credit risk management foundation, and capital
markets expertise to expand the firm's corporate banking businesses
in both Commercial Banking and Corporate & Investment Banking.
After JPMorgan, he successfully transformed and managed the U.S.
Commercial and Private Banking businesses at HSBC and Santander. As
an executive leader and member of each bank's management
committees, Joe drove business improvement efforts by implementing
effective new business development and sales management practices,
recruiting top talent, enhancing product capabilities, optimizing
expense and capital management, and addressing regulatory
compliance gaps.
Most recently, as Head of Commercial Banking at Santander, he
managed a national team of over 400 banking and treasury
professionals serving the financial needs of more than 3,000
middle-market, mid-corporate, international, government, and
not-for-profit clients. Joe is also actively involved in his
community as a past honoree and supporter of organizations such as
Big Brothers Big Sisters of New York
City and the New Jersey PGA Golf Foundation, and serving on
the boards of the USO and Delivering Good.
Rita Dailey: Executive Vice
President, Head of Commercial Deposits & Payment
Solutions
Rita joins Flagstar with 30 years of hands-on client relationship,
product design, and leadership experience, with a focus on
profitability and strategic growth. Most recently, Rita served as
Head of Small and Medium Enterprise Products at Bank of the West
where she was instrumental in developing new product strategies.
Her background includes senior leadership roles at MUFG Union Bank
and BMO/Bank of the West. Rita is actively involved in her
community and has served on several boards. She will be based on
the East Coast and lead a national team serving commercial, real
estate, business banking, and wealth clients.
Mike Mason: Executive Vice
President, Head of Credit Products, Commercial and Private
Banking
Mike joins Flagstar with more than 30 years of
experience in credit risk management, underwriting, credit
portfolio strategy, and product development. Before joining
Flagstar, Mike served as EVP and Head of Credit Products at City
National Bank, where he spearheaded a commercial lending
transformation that established a new target operating model for
credit delivery. This initiative drove consistency, enhanced
controls, reduced operational and credit risk, and achieved
significant economic efficiencies. Prior roles include EVP and Head
of M&A Integration and Credit Products at Regions Financial,
Managing Director and Corporate Banking Lead at Accenture
Consulting, and Head of Wholesale Credit Portfolio Strategy at Bank
of America Merrill Lynch. Mike holds FINRA Series 24, 7, 79, and 63
licenses, as well as nCino LOS Configuration Certifications.
Matt Dalany: Senior Vice President, Head of Specialized
Industries Credit Products
Matt joins Flagstar with more
than 30 years of experience in specialized industries credit
underwriting, risk governance, and portfolio management. From 2017
to 2024, Matt led MUFG's credit underwriting and portfolio
management teams in support of its Sponsor Finance, Technology, and
Healthcare sectors, and he recently played a key role in
synchronizing the credit policies and risk management practices
related to the merger with U.S. Bank. Prior, Matt spent over 20
years at Bank of America Merrill Lynch in various roles. Notably,
he spent ten years as a senior credit products executive, where he
led commercial banking portfolio management and underwriting for
the western U.S. and specialized sectors such as entertainment,
agriculture, and employee-owned companies. Matt will report
directly to Mike Mason, EVP, Head of
Credit Products, Commercial and Private Banking.
"We are thrilled to welcome these four new senior banking and
finance executives," said Rich
Raffetto, SEVP and President of Commercial and Private
Banking at Flagstar Bank. "Their arrival marks an advancement in
our strategic focus, emphasizing four key areas: providing
personalized service, offering expert advice and industry insights,
elevating product capabilities, and achieving exceptional credit
risk management. With this strengthened leadership team, we are set
to advance our client-centric model, drive innovation in product
development, and build stronger relationships. The expertise of
these new executives will help Flagstar serve new client segments,
deliver tailored solutions that significantly benefit our clients,
and meet evolving banking and finance needs more effectively."
About New York Community Bancorp, Inc.
New York
Community Bancorp, Inc. is the parent company of Flagstar Bank,
N.A., one of the largest regional banks in the country. The Company
is headquartered in Hicksville, New
York. At June 30, 2024, the
Company had $119.1 billion of assets,
$82.4 billion of loans, deposits of
$79.0 billion, and total
stockholders' equity of $8.4
billion.
Flagstar Bank, N.A. operates over 400 branches, including a
significant presence in the Northeast and Midwest and locations in
high growth markets in the Southeast and West Coast. In addition,
the Bank has approximately 90 private banking teams located in over
10 cities in the metropolitan New York
City region and on the West Coast, which serve the needs of
high-net worth individuals and their businesses.
Cautionary Note Regarding Forward-Looking
Statements
The foregoing disclosures may include
forward‐looking statements within the meaning of the federal
securities laws by the Company pertaining to such matters as our
goals, intentions, and expectations regarding (a) revenues,
earnings, loan production, asset quality, liquidity position,
capital levels, risk analysis, divestitures, acquisitions, and
other material transactions, among other matters; (b) the future
costs and benefits of the actions we may take; (c) our assessments
of credit risk and probable losses on loans and associated
allowances and reserves; (d) our assessments of interest rate and
other market risks; (e) our ability to execute on our strategic
plan, including the sufficiency of our internal resources,
procedures and systems; (f) our ability to attract, incentivize,
and retain key personnel and the roles of key personnel; (g) our
ability to achieve our financial and other strategic goals,
including those related to our merger with Flagstar Bancorp, Inc.,
which was completed on December 1, 2022, our acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction, and our ability to fully and timely
implement the risk management programs institutions greater than
$100 billion in assets must maintain; (h) the effect on our capital
ratios of the approval of certain proposals approved by our
shareholders during our 2024 annual meeting of shareholders; (i)
the conversion or exchange of shares of the Company's preferred
stock; (j) the payment of dividends on shares of the Company's
capital stock, including adjustments to the amount of dividends
payable on shares of the Company's preferred stock; (k) the
availability of equity and dilution of existing equity holders
associated with amendments to the 2020 Omnibus Incentive Plan; and
(l) the terms associated with, and potential future grants of,
employment inducement award grants.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "plan,"
"outlook," "estimate," "forecast," "project," "should," and other
similar words and expressions, and are subject to numerous
assumptions, risks, and uncertainties, which change over time.
Additionally, forward‐looking statements speak only as of the date
they are made; the Company does not assume any duty, and does not
undertake, to update our forward‐looking statements. Furthermore,
because forward‐looking statements are subject to assumptions and
uncertainties, actual results or future events could differ,
possibly materially, from those anticipated in our statements, and
our future performance could differ materially from our historical
results.
Our forward‐looking statements are subject to, among others, the
following principal risks and uncertainties: general economic
conditions and trends, either nationally or locally; conditions in
the securities, credit and financial markets; changes in interest
rates; the inability of the Bank and Nationstar to execute the
transaction contemplated by the MSR Purchase Agreement and Asset
Purchase Agreement or satisfy customary closing conditions; changes
in deposit flows, and in the demand for deposit, loan, and
investment products and other financial services; changes in real
estate values; changes in the quality or composition of our loan or
investment portfolios, including associated allowances and
reserves; changes in future allowance for credit losses
requirements under relevant accounting and regulatory requirements;
the ability to pay future dividends; changes in our capital
management and balance sheet strategies and our ability to
successfully implement such strategies; changes in our strategic
plan, including changes in our internal resources, procedures and
systems, and our ability to successfully implement such plan;
changes in competitive pressures among financial institutions or
from non‐financial institutions; changes in legislation,
regulations, and policies; the success of our blockchain and
fintech activities, investments and strategic partnerships; the
restructuring of our mortgage business; the impact of failures or
disruptions in or breaches of the Company's operational or security
systems, data or infrastructure, or those of third parties,
including as a result of cyberattacks or campaigns; the impact of
natural disasters, extreme weather events, military conflict
(including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible
expansion of such conflicts and potential geopolitical
consequences), terrorism or other geopolitical events; and a
variety of other matters which, by their nature, are subject to
significant uncertainties and/or are beyond our control. Our
forward-looking statements are also subject to the following
principal risks and uncertainties with respect to our merger with
Flagstar Bancorp, which was completed on December 1, 2022, and our acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction: the possibility that the anticipated
benefits of the transactions will not be realized when expected or
at all; the possibility of increased legal and compliance costs,
including with respect to any litigation or regulatory actions
related to the business practices of acquired companies or the
combined business; diversion of management's attention from ongoing
business operations and opportunities; the possibility that the
Company may be unable to achieve expected synergies and operating
efficiencies in or as a result of the transactions within the
expected timeframes or at all; and revenues following the
transactions may be lower than expected. Additionally, there can be
no assurance that the Community Benefits Agreement entered into
with NCRC, which was contingent upon the closing of the Company's
merger with Flagstar Bancorp, Inc., will achieve the results or
outcome originally expected or anticipated by us as a result of
changes to our business strategy, performance of the U.S. economy,
or changes to the laws and regulations affecting us, our customers,
communities we serve, and the U.S. economy (including, but not
limited to, tax laws and regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10‐K/A for
the year ended December 31, 2023,
Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and in other SEC reports we file.
Our forward‐looking statements may also be subject to other risks
and uncertainties, including those we may discuss in this release,
during investor presentations, or in our SEC filings, which are
accessible on our website and at the SEC's website,
www.sec.gov.
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Media Contact:
Nicole Yelland
(248) 219-9234
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SOURCE New York Community Bancorp, Inc.