HICKSVILLE, N.Y., Dec. 13,
2024 /PRNewswire/ -- Flagstar Financial, Inc. (NYSE:
FLG) (the "Company") today announced the appointment of
Brian Callanan, Senior Managing
Director and General Counsel at Liberty Strategic Capital
("Liberty"), to its Board of Directors, effective December 16, 2024.
Commenting on the appointment, Joseph M.
Otting, Chairman, President, and CEO said, "I'm pleased to
have Brian join our Board. His proven track record and expertise in
financial services, along with his strategic insights will be
instrumental as we continue to execute on our transformation and
long-term vision. Brian's perspectives will provide valuable
guidance, and his leadership will play a critical role in driving
sustainable growth, ensuring we achieve long-term success and
maximize the value we deliver to our shareholders, employees, and
clients."
Callanan is a distinguished lawyer with extensive experience in
financial regulation, regulatory compliance, and financial
technology. At Liberty, Callanan leads the firm's legal function,
serves on its Investment Committee, and focuses on financial sector
investments. Prior to joining Liberty, he served as General Counsel
of the U.S. Department of the Treasury, overseeing 2,000 lawyers
across the department. As Chief General Counsel, he played a key
role in major initiatives such as economic rescue programs during
COVID-19, the design of new economic sanctions, and the
implementation of tax reform. While serving as Deputy General
Counsel, Callanan managed major litigation and advised on
regulatory reform efforts, among other responsibilities. For his
service, he received the Alexander
Hamilton Award, the department's highest honor.
This appointment aligns with the $1.05
billion equity investment in March
2024, which stipulated that two Board seats would be granted
to lead investor Liberty Strategic Capital. With Callanan's
addition, the Company's Board of Directors, which was reconstituted
earlier in 2024, expands to nine members, including Chairman,
President, and Chief Executive Officer, Joseph M. Otting, Milton
Berlinski, Alessandro P.
DiNello, Alan Frank,
Marshall Lux, Lead Independent
Director Secretary Steven T.
Mnuchin, Allen Puwalski, and
Jennifer Whip.
About Flagstar Financial, Inc.
Flagstar Financial, 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 September 30, 2024, the Company had
$114.4 billion of assets,
$73.0 billion of loans, deposits of
$83.0 billion, and total
stockholders' equity of $8.6 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 80 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 Statements Regarding Forward-Looking
Statements
This release may include forward‐looking statements by the
Company and our authorized officers pertaining to such matters as
our goals, beliefs, 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; (l)
the effects of the reverse stock split; and (m) transactions
relating to the sale of our mortgage business and mortgage
warehouse business.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend,"
"outlook," "estimate," "forecast," "project," "should,"
"confident," 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; 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, including
changes required 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; recent turnover in our
Board of Directors and our executive management team; 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 imposition of
restrictions on our operations by bank regulators; the outcome of
pending or threatened litigation, or of investigations or any other
matters before regulatory agencies, whether currently existing or
commencing in the future; the success of our blockchain and fintech
activities, investments and strategic partnerships; the
restructuring of our mortgage business; our ability to recognize
anticipated expense reductions and enhanced efficiencies with
respect to our recently announced strategic workforce reduction;
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 Forms
10-Q for the quarters ended March 31,
2024, June 30, 2024, and
September 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 news release, on our conference call, 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 Flagstar Financial, Inc.