TROY, Mich., Oct. 1, 2012 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) (the "Company") and its wholly-owned subsidiary Flagstar Bank, FSB (the "Bank") today announced that their Boards of Directors appointed Michael J. Tierney to serve as President of the Company and the Bank, effective immediately, and as Chief Executive Officer of each entity, effective November 1, 2012, in each case subject to receipt of regulatory non-objection. Upon becoming CEO, Mr. Tierney will also become a director of the Company and the Bank. Mr. Tierney has served as Executive Vice President and Managing Director of Personal Financial Services at Flagstar since February 2011.
Mr. Tierney will succeed Joseph P. Campanelli, who has served as Flagstar's President, Chief Executive Officer and Chairman of the Board of Directors since 2009. Mr. Campanelli will continue to serve as Flagstar's CEO and a director on the Flagstar Board until October 31, 2012, when he will resign to pursue other opportunities. Following his resignation as CEO and director, Mr. Campanelli will be available to support Flagstar in a transitional role.
"I am proud of all we have accomplished during my time as CEO," said Mr. Campanelli. "I believe that we have turned the corner in addressing many of Flagstar's legacy issues and have built a solid foundation for continued growth and success. I am confident that under Mike's leadership, Flagstar can continue building on its recent momentum and further build its reputation as a top mortgage lender and a strong Midwest community bank."
"I would like to thank Joe for all that he has done for Flagstar," said David Treadwell, lead independent director of the Flagstar Board of Directors. "As Flagstar begins its next chapter, I am confident that Mike is the person to lead us. Since joining Flagstar early last year, Mike has been an invaluable part of the Flagstar executive team. He is an established leader with strong roots in Michigan and more than 30 years of experience in retail, consumer and commercial banking. Mike has a strong grasp of the Flagstar business and our marketplace, and we believe he is the right person to lead Flagstar as we enter a new phase of growth and development with a renewed Michigan focus."Mr. Tierney said, "I am honored to have the opportunity to lead Flagstar through the next phase of our growth. Joe has done an exceptional job of transforming Flagstar and returning it to profitability, and I believe we are well-positioned to build on Flagstar's industry-leading mortgage banking franchise and award-winning retail banking operations to drive value for all our stakeholders. I intend to work collaboratively with our Board, management team, and talented employees to deliver diversified products and exceptional service to our customers and to generate enhanced value for our shareholders, while at the same time helping the communities we serve be better places to live and work."