Flagstar, New York Community Bancorp complete $2.6b merger

NYCB and Flagstar will continue operating their retail banking networks separately under their respective brands until the combined company launches under a single brand.

Commenting on the transaction, NYCB president and CEO Thomas Cangemi said: “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. 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.”

In line with the merger, NYCB’s board of directors appointed six new directors, five of whom are former directors of Flagstar. The company also announced the formation of its 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 chief financial officer
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
Julie Signorille-Browne, executive vice president and director of operations

“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,” Cangemi said.