TROY, Mich., May 30, 2017 /PRNewswire/ -- Flagstar Bank
has named Andrew (Drew) Ottaway,
executive vice president and head of lending, to the additional
role of president of the bank's Michigan market, with responsibility for
Flagstar's retail platform and 99 branches in Michigan.
In the year since Ottaway has been in charge of lending, he has
led his team to impressive growth and increased capabilities.
Commercial loan balances grew to $3.3
billion, including a highly diversified portfolio of
commercial real estate and commercial & industrial loans.
Commercial real estate loans increased 55 percent to $1.3 billion. Warehouse lending commitments
climbed 32 percent to $2.9 billion
year over year, with about 60 percent of the mortgages purchased by
investors other than Flagstar. And, for the first time, Flagstar's
commercial loan portfolio exceeded its consumer loans.
Also under Ottaway's leadership, new commercial lending
initiatives were launched, including homebuilder finance, equipment
finance & leasing, franchise financing, and mortgage servicing
rights financing. Flagstar also initiated capital markets products
and services, including syndications. In its first year, the
homebuilder financing group has grown to a $181 million portfolio of national homebuilder
clients, while equipment loans and leases reached $89 million in 2016.
"We're extremely pleased with the growth of commercial banking
under Drew's leadership," said Alessandro
DiNello, CEO of Flagstar. "Customers like the speed to
market and easy access to decision-makers that they get from a
community bank, while still enjoying a product depth that meets
their needs. Flagstar is serious about being the only bank our
customers need—whether we're talking consumers, small business,
middle market, or commercial customers. With his successes on the
commercial side, Drew brings a proven track record to his new role
in retail banking.
"The strong growth in our commercial business has the added
benefit of helping to balance revenue among our three business
lines of community banking, mortgage banking, and mortgage
servicing," DiNello added.
Flagstar also recently strengthened its lending team with four
new additions: Ken Jones, previously
with FirstMerit Bank, will lead indirect consumer finance. Coming
from Comerica Bank are Andy Roy to
lead middle market lending; Mike
Doyle to fill the new national business banking director
position; and Rick Mora to head up
the regional business banking unit.
Flagstar Bancorp, Inc. (NYSE: FBC) is a $15.4 billion savings and loan holding company
headquartered in Troy, Mich.
Flagstar Bank, FSB, provides commercial, small business, and
consumer banking services through 99 branches in the state. It also
provides home loans through a wholesale network of brokers and
correspondents in all 50 states, as well as through 43 retail
locations in 23 states. Flagstar is a leading national originator
and servicer of mortgage loans, handling payments and record
keeping for $83 billion of home loans
representing 393,000 borrowers. For more information, please visit
flagstar.com.
For more information contact:
Susan Bergesen
Flagstar Bank
(248) 312-6237
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SOURCE Flagstar Bank