Campanelli Takes Charge at Flagstar

Joseph P. Campanelli has been hired as president and chief executive at Flagstar Bancorp Inc., Troy, Mich. Mr. Campanelli will replace Mark T. Hammond, who had served as Flagstar's president since 1995 and CEO since 2002. He is the former president and chief of Sovereign Bank and its parent Sovereign Bancorp Inc., Philadelphia. Mr. Campanelli said, "Flagstar has an excellent core franchise, a dedicated and skilled workforce and a strong market position originating and servicing residential mortgages. We have a great future ahead of us." For the second quarter, Flagstar was the nation's 11th largest originator with volume of $9.3 billion, according to the Quarterly Data Report. The QDR lists Flagstar as the nation's 18th largest servicer as of June 30, 2009, with a portfolio of $61.5 billion.