FLAGSTAR BANK, N.A. EXPANDS PRIVATE BANKING BUSINESS WITH THE ADDITION OF SIX TEAMS FORMERLY WITH FIRST REPUBLIC BANK

July 20, 2023

HICKSVILLE, N.Y., July 20, 2023 /PRNewswire/ -- Flagstar Bank, N.A. (the "Bank"), the bank subsidiary of New York Community Bancorp, Inc. (NYSE: NYCB) (the "Company") today announced that six private client banking teams have joined the Bank from the former First Republic Bank. Three of the teams are based on the West Coast and three teams are based in New York City. These additions bring the total number of private client banking teams as of June 30, 2023 to 127, including 92 in the Northeast and 35 on the West Coast, with offices in over 10 cities across the country.

Commenting on the new teams, President and Chief Executive Officer Thomas R. Cangemi stated, "We are extremely pleased to welcome these new private banking teams to the organization. Flagstar Bank, N.A. is creating a first of its kind Commercial and Private Banking division, dedicated to delivering best-in-class service to a loyal client base consisting primarily of high net worth individuals and their businesses. These six teams are regarded as among some of the best in the industry. The fact that they opted to join Flagstar Bank, N.A. is a testament to our business model and strong reputation in the marketplace. At First Republic, these teams attracted both deposits, especially non-interest-bearing deposits, as well as loans, and we look forward to their clients banking with our Company."

Eric Howell, Senior Executive Vice President and President of Commercial and Private Banking added, "These new teams blend perfectly with our legacy private client teams. We both have a shared culture of providing personalized products and services via a high-touch, single-point-of-contact model and meeting clients' every financial need. We expect these teams to benefit the Bank from the onset."

The following six private client teams have joined Flagstar Bank, N.A.:

Jason Birnbaum, Gary Farro, and Alex Bolton have joined as Executive Vice Presidents and Managing Group Directors, after having worked together at First Republic Bank for many years and will lead a group of 16 teammates.  The team is based in both midtown Manhattan as well as Boston and focused on meeting the needs of a wide array of clients, including high net worth individuals, private equity firms, and other professional service firms.  Formerly, Jason was a Senior Managing Director at First Republic, where he served for 16 years. Gary was an Executive Managing Director for 15 years, while Alex also served as a Managing Director for three years.

Douglas McNulty has joined as Senior Vice President and Group Director and is also based in midtown Manhattan and leads a group of three teammates who have worked together for two decades.  Doug is a career commercial banker with 30 years of overall experience and deals with all types of clients including high net worth individuals and their privately held businesses as well as family offices and business managers to clients in the entertainment industry.

Basant Kedia has joined as Executive Vice President and Managing Group Director leading a team in the Silicon Valley region.  Previously, he was a Senior Managing Director at First Republic, where he and his team worked for 12 years focusing on high net worth individuals and their businesses in the technology space, including venture firms.

Michael Manneh has joined as Executive Vice President and Managing Group Director leading a team also located in the Silicon Valley region. Michael spent his entire 21-year banking career at First Republic Bank, where he was most recently Senior Managing Director.  His team's focus is on entrepreneurs and high net worth individuals, and venture firms.

Kenneth Kearns has joined as Executive Vice President and Managing Group Director in the San Francisco's East Bay area, where he is leading a team of 16 bankers focusing on high net worth individuals, including executives and business managers for professional athletes, as well as high-end realtors, developers and builders, and professional services firms and their principals. Previously, he was a Senior Managing Director at First Republic Bank, where he spent the past 11 years.

In addition, Erin Fitzsimmons has joined as Managing Group Director and Senior Vice President of the Professional Loan Group.  Based in our New York City office, Erin and her team of 13 bankers will develop specialized lending solutions for professional service firms and their employees in order to meet co-investment and/or capital needs.  Erin spent 18 years at First Republic Bank, most recently as a Senior Managing Director, Head of Professional Loan Programs and Deputy Head of Eagle Lending.

About New York Community Bancorp, Inc.

New York Community Bancorp, 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 with regional headquarters in Troy, Michigan. At March 31, 2023, the Company had $123.8 billion of assets, $83.3 billion of loans, deposits of $84.8 billion, and total stockholders' equity of $10.8 billion.

Flagstar Bank, N.A. operates 435 branches, including strong footholds in the Northeast and Midwest and exposure to high growth markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage originators. In addition, the Bank has 127 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.

New York Community Bancorp, Inc. has market-leading positions in several national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. The Company is the second-largest multi-family portfolio lender in the country and the leading multi-family portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Flagstar Mortgage is the 8th largest bank originator of residential mortgages for the 12-months ending March 31, 2023, while we are the industry's 6th largest sub-servicer of mortgage loans nationwide, servicing 1.5 million accounts with $363 billion in unpaid principal balances. Additionally, the Company is the 2nd largest mortgage warehouse lender nationally based on total commitments.

Investor and Media Contact:  

Salvatore J. DiMartino


(516) 683-4286

SOURCE New York Community Bancorp, Inc.