Flagstar Bancorp—one of the nation’s largest mortgage wholesale and warehouse providers—on Tuesday named Michael Tierney president of both the holding company and thrift, effective immediately.
In both jobs he replaces Joseph Campanelli, who according to a Flagstar statement, is leaving to pursue other opportunities. Campanelli assumed the roles in 2009 after a troubled Flagstar received a capital infusion from MatlinPatterson Global Advisors while members of the Hammond family left the company.
Prior to the promotion Tierney held the titles of executive vice president and managing director, personal financial services. On Nov. 1 he will be given the CEO title as well.
Among residential wholesalers,
Campanelli is also giving up the chairman’s job. John D. Lewis, managing director of Donnelly Penman & Partners and the former vice chairman of Comerica, will become nonexecutive chairman.
Flagstar’s
In its statement the company said, “Joe transformed Flagstar and led its return to profitability. We are grateful for his efforts and pleased he will remain with us in a transitional role so that we can continue to benefit from his industry knowledge and insight.”
Tierney has been with Flagstar since February 2011. Previously he was president and CEO of Bluewater Banking Group, an investment group formed to purchase Michigan banks. Before that, he was president and CEO of Peoples State Bank. He also held executive positions at Chase and Comerica.
