New York Community Bancorp names Joseph Otting executive chairman alongside CEO role

New York Community Bancorp (NYCB), the parent company of Flagstar Bank, N.A., announced on 4 June 2024 that its board had appointed President and Chief Executive Officer Joseph Otting to the additional role of Executive Chairman of both the company and the bank, effective as of the close of business on 5 June 2024.

The board made the appointment on 3 June. The company said the move would better facilitate Otting's ability, alongside the new senior executive leadership team, to continue to improve all aspects of its operations and execute on its strategic initiatives. The change combines the roles of chair and chief executive in one person.

DINELLO STEPS DOWN AS CHAIRMAN

In conjunction with Otting's appointment, Alessandro DiNello will step down as Non-Executive Chairman of the company and the bank as of the close of business on 5 June. He will continue to serve as a board director and as a senior adviser to the chief executive. NYCB said his banking knowledge would support Otting and the rest of the senior executive leadership team as they continue to turn the bank around following the capital raise completed in March 2024, which brought in about US$1bn.

Otting was named President and Chief Executive Officer on 1 April 2024. He previously served as chief executive of OneWest Bank from 2010 to 2015, as the 31st Comptroller of the Currency from 2017 to 2020, and as Acting Director of the Federal Housing Finance Agency in 2018.

FLAGSTAR FRANCHISE

NYCB completed its merger with Flagstar Bancorp on 1 December 2022. At 31 March 2024 the company had US$112.9bn of assets, US$83.3bn of loans, deposits of US$74.9bn and total stockholders' equity of US$8.4bn. Flagstar Bank operates 419 branches, with strong footholds in the Northeast and Midwest, and Flagstar Mortgage operates nationally through a wholesale network of about 3,000 third-party mortgage originators.