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Flagstar Adds New Executives and Plans Midwest and New England Market Expansion

Feb 28, 2011

Flagstar Bancorp Inc. has announced the addition of several new key executives and plans to expand the Bank's commercial lending business. Joining Flagstar's leadership team will be Steven J. Issa, who was appointed to the position of executive vice president and managing director of commercial banking. Issa will oversee the commercial banking division and will also serve as the market president for the New England region, responsible for building and growing Flagstar's presence and market awareness in that region. Also joining Flagstar is Michael J. Tierney, who was appointed to the position of executive vice president and managing director of retail banking, where he will oversee the retail banking division and will also serve as the market president for the midwest region, responsible for leading and cultivating Flagstar's presence in its existing footprint. Flagstar also plans to add around 20 new lenders and managers in each of the Midwest and the New England markets by the end of the year. "The announcement today marks another big milestone in transforming Flagstar to a full-service super community bank," said Joseph P. Campanelli, Flagstar chairman and chief executive officer. "I'm excited that we continue to attract the best talent in banking to the Flagstar executive team." Issa brings to Flagstar over 33 years of experience in commercial banking in the Northeast, previously serving as the executive vice president and managing director of the New England middle market and specialty group for Sovereign Bank. In his role as the Rhode Island market chief executive Officer at Sovereign, Issa oversaw 32 retail community branches, with deposits of $2 billion. Prior to Sovereign, he served in a variety of executive positions at Shawmut Bank and Old Stone Bank. Issa is an active member of his community, serving on the boards of the Greater Providence Chamber of Commerce, Delta Dental of Rhode Island, Miriam Hospital, and the Governor's Commodore Advisory Group. A native of Rhode Island, he holds an undergraduate degree and an MBA from Bryant University. Tierney is an established commercial banker in Michigan, and throughout the Midwest, bringing with him over 33 years of experience in retail, consumer and commercial banking. Most recently, he served as president and chief executive officer of the Bluewater Bank Group, an investment group formed to purchase Michigan banks. Prior to that, Tierney was president and chief executive officer for Peoples State Bank, and was also senior vice president and managing director for Midwest Business Banking at Chase. Tierney began his distinguished career at Comerica Bank, where he served for 28 years in various senior leadership roles, most notably as senior vice president of personal financial services, where he oversaw 256 Michigan branches and was responsible for over $13.5 billion in small business and retail deposits.  Tierney holds an MBA from the University of Detroit and a BS in finance from Central Michigan University. He is an involved member of the Michigan community and serves on a number of local civic organizations. Mr. Tierney has previously served on the board of the Michigan Bankers Association, the board of the Consumer Bankers Association, and is a former chair of the Central Michigan University Development Board. Also joining the team will be John F. Chipman, who will report to Issa and will oversee Flagstar's specialty lending division. Over the past 20 years, Chipman has successfully built several multi-billion dollar specialty lending businesses. Most recently, Chipman served as president and chief executive officer of MassMutual Asset Finance. Prior to that, he founded Winmark Equipment Finance, an independent equipment finance company that grew to more than $2.2 billion in earning assets.  Chipman has a degree in economics from Providence College, and holds a master of science in finance from Northeastern University's Graduate School of Business Administration. Flagstar also announced the hiring of Michael Maher as executive vice president and chief accounting officer, and Daniel Landers as executive vice president and chief credit officer. Maher brings 30-plus years of experience in community and mortgage banking and public accounting. Landers brings 30 years of operational, credit and management experience. For more information, visit
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