TROY, Mich., May 30, 2017 /PRNewswire/ -- Flagstar Bank has named Andrew (Drew) 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 impressive growth and increased capabilities. Commercial loan balances grew to $3.3 billion, including a highly diversified portfolio of commercial real estate and commercial & industrial loans. Commercial real estate loans increased 55 percent to $1.3 billion. Warehouse lending commitments climbed 32 percent to $2.9 billion year over year, with about 60 percent of the mortgages purchased by investors other than Flagstar. And, for the first time, Flagstar's commercial loan portfolio exceeded its consumer loans.
Also under Ottaway's leadership, new commercial lending initiatives were launched, including homebuilder finance, equipment finance & leasing, franchise financing, and mortgage servicing rights financing. Flagstar also initiated capital markets products and services, including syndications. In its first year, the homebuilder financing group has grown to a $181 million portfolio of national homebuilder clients, while 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," DiNello added.
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, Inc. (NYSE: FBC) is a $15.4 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as through 43 retail locations in 23 states. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $83 billion of home loans representing 393,000 borrowers. For more information, please visit flagstar.com.
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SOURCE Flagstar Bank