HICKSVILLE, N.Y., July 23,
2024 /PRNewswire/ -- Flagstar Bank, N.A., the
bank subsidiary (the "Bank") of New York Community Bancorp, Inc.,
(NYSE: NYCB) (the "Company"), announced today the appointment of
nine seasoned leaders to its leadership team, effective
immediately. These additions further enhance the Company's
oversight of core businesses and client-focused operations,
bringing a blend of financial, commercial, private banking, IT,
credit, and regulatory pedigree to the organization.
Joseph Otting, Chairman,
President, and CEO, commented on the new
appointments, "Driving progress, growth, and long-term
stakeholder value requires a vision and the right leadership team
to execute against that plan. Welcoming these new senior leaders,
who possess specialized and unique skill sets, underscores our
commitment to excellence and the strategic transformation currently
underway. Their collective wealth of experience will be
instrumental in enhancing our focus on exceptional service,
operational efficiency, and positioning the company for sustainable
growth."
Joining the leadership team as direct reports to Otting (unless
otherwise noted) are:
- Richard Raffetto, SEVP,
President of Commercial and Private Banking: Rich joins
Flagstar Bank with more than 30 years' experience in the banking
industry, and more than 20 years serving in executive leadership
positions and building commercial, corporate, and private banking
teams. From 2020 to 2024, Rich served as President and Director of
City National Bank, the U.S. commercial and private banking
subsidiary of Royal Bank of Canada. He most recently led their commercial
lines of business and products, including its leasing, treasury
management, payments, and capital markets units. Prior to that,
Rich spent approximately 13 years at U.S. Bank in senior roles in
its commercial and corporate banking organization, and 14 years at
BNY Mellon in its corporate banking client management unit.
- Kris Gagnon, SEVP, Chief
Credit Officer: Kris brings more than 35 years of banking
leadership experience to the team having spent 30 years at Bank of
America in various senior leadership roles, including as Enterprise
Credit Risk Executive, Chief Risk Officer of the Global Corporate
and Commercial Bank, and Chief Credit Officer for the Commercial
Banking, Leasing and Global Treasury Services Division. Following
those roles, Kris served as Chief Credit Officer at Banc of
California and CIT Bank (formerly
known as OneWest Bank).
- Adam Feit, EVP, and Head of
Specialized Industries Banking and Capital Markets: Adam brings
over 20 years of experience covering and advising clients,
structuring and underwriting deals, and leading teams in global
corporate and investment banking, capital markets, mid-cap banking,
middle market banking and business banking. In this role, he will
lead the client coverage and expansion efforts across industry
verticals and capital markets products. Most recently, he served as
Managing Director and Head of Specialized Industries at U.S. Bank
(formerly MUFG Union Bank). Prior to his time with U.S. Bank, he
worked at Bank of America Merrill Lynch as an SVP in Global
Commercial Banking and VP in Global Corporate and Investment
Banking. Adam will report to Rich
Raffetto, President of Commercial and Private Banking.
- William Fitzgerald, EVP, Head
of Workout-Commercial: William brings more than 30 years of
experience as a senior banking executive with expertise in
commercial real estate, loan management, asset management, and
financial restructuring and recovery. Most recently, he served as
SVP, Head of Commercial Real Estate Resolution at First Citizens
Bank, where he established and built the commercial real estate
restructuring group to manage the non-owner-occupied classified
real estate across the bank. His prior roles include SVP, Head of
Problem Loan Management at First Citizens Bank, and Managing
Director, Regional Head Special Asset Management at Rabobank North
America Wholesale. Earlier in his career, he was with ABN AMRO Bank
as Group SVP with global restructuring responsibilities. He will
report to Chief Credit Officer Kris
Gagnon.
- Don Howard, EVP, Director of
Regulatory Governance, Risk & Controls: Don brings more
than 30 years' experience as a senior executive, consultant,
regulator, and Board Member with experience in global risk
management, credit, compliance, and strategy. Most recently he
served as Managing Director, Compliance Global Transformation Lead
at Citibank, where he led all Federal Reserve and Office of the
Comptroller of the Currency (OCC) work focused on Governance, Risk
and Compliance. Prior roles include Chief Compliance Officer at
USAA, and Chief Risk Officer at S&P Global. Earlier in his
career, he spent more than 15 years at Bank of America as Managing
Director, Structured Credit Product, Portfolio Management.
- Sydney Menefee, EVP, Senior
Director, Strategic Financial & Capital Management: Sydney
brings over 20 years of experience as an executive leader in the
financial services industry with expertise in complex bank
regulation, accounting, and financial reporting matters. In this
role, Sydney will focus on the bank's strategic, capital, and
financial planning functions. Most recently, she was a partner at
Crowe LLP, a public accounting, consulting, and technology firm.
Prior roles include Senior Deputy Comptroller for Midsize and
Community Bank Supervision, Deputy Comptroller and Chief
Accountant, and National Bank Examiner at the Office of the
Comptroller of the Currency. Sydney will report to Chief Financial
Officer, Craig Gifford.
- Robert Phelps, EVP, Special
Advisor to the CEO: He is a former OCC executive, where he held
several senior leadership roles in bank supervision. In this role,
Bob will support the continued enhancement of Flagstar's IT
capabilities working closely with existing IT leadership. During
his 30-year tenure with the OCC, his roles included Chair of the
National Risk Committee, Deputy Comptroller of Supervision Risk
Management, and leading the creation of the Supervision System and
Analytics Support Division. Bob provided oversight of the OCC's
supervisory data and systems upgrade. He also served as the OCC's
Director for Critical Infrastructure Policy, overseeing development
of a cybersecurity supervisory policy and coordination with other
financial regulators. Bob is a retired U.S. Navy Commander and
served in several major operations. He supports the Naval Academy as a Blue and Gold Officer. He is
also a certified coach, supporting leaders to achieve more
professionally and personally.
- Bryan Hubbard, SVP, Senior
Regulatory Program Manager: Bryan brings more than 30 years of
experience in providing strategic counsel to CEOs and senior
federal officials focusing on media relations, regulatory affairs,
policy, and reputation. At Flagstar, Bryan will focus on enhancing
regulatory relationships, communication, and remediation efforts.
Most recently, he served as the Deputy Comptroller for Public
Affairs at the OCC where he led strategic communication and public
affairs for the agency overseeing a $15
trillion federal banking system. His service at the OCC
spanned four presidential administrations, periods of growth,
recession, and crisis. Prior roles include serving in senior
positions in the Defense Finance and Accounting Service, as an
officer in the U.S. Air Force, and in the private sector.
- Tom Lyons, SVP, Director of
Finance Business Risk & Controls: Tom brings 30 years of
experience in finance, risk, IT, operations, compliance, and audit
disciplines across industries. In this role, Tom will lead the
Bank's Finance Risk Management function, including data,
operational, and financial exposures. Most recently, Tom served as
U.S. Bank's SVP of Operations' Financial and Data Risks. Tom also
held Finance Chief Risk Officer and Senior Risk Officer roles at
U.S. Bank, having led its SOX (Sarbanes-Oxley) program for 14
years. Tom will report to Chief Financial Officer, Craig Gifford.
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 March 31, 2024, the Company had $112.9 billion of assets, $83.3 billion of loans, deposits of $74.9 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. Flagstar
Mortgage operates nationally through a wholesale network of
approximately 3,000 third-party mortgage originators. In addition,
the Bank has approximately 90 private banking teams located in over
ten cities in the metropolitan New York
City region and on the West Coast, serving 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 effects of the reverse stock split.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "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 JPMC to execute the definitive
documentation contemplated by the commitment letter 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 March 31, 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
Amendment, during investor presentations, or in our other 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.