Flagstar Bank named Andrew 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 growth and increased capabilities. Commercial loan balances grew to $3.3 billion, including a diversified portfolio of commercial real estate and commercial and industrial loans, with Flagstar’s commercial loan portfolio exceeded its consumer loans for the first time.
Also under Ottaway’s leadership, new commercial lending initiatives were launched, including homebuilder finance, equipment finance and leasing, franchise financing and mortgage servicing rights financing. Flagstar also initiated capital markets products and services, including syndications. In its first year, 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.”
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 is a $15.4 billion savings and loan holding company headquartered in Troy, MI. Flagstar Bank provides commercial, small business, and consumer banking services through 99 branches in the state.