Flagstar Financial Inc. Welcomes Brian Callanan to Its Board of Directors

Flagstar Financial, Inc. (NYSE: FLG), headquartered in Hicksville, New York, has made a significant announcement in corporate governance with the appointment of Brian Callanan. Serving as the Senior Managing Director and General Counsel at Liberty Strategic Capital, Callanan will officially join the Board of Directors on December 16, 2024.

Joseph M. Otting, Chairman, President, and CEO of Flagstar Financial, expressed enthusiasm about this decision, noting that Callanan's wealth of experience in financial services will be crucial for the company. Ongoing strategic transformations at Flagstar Financial have created an immediate need for enhanced governance and innovative leadership, something Callanan is well-positioned to provide. His perspectives are expected to be instrumental in driving sustainable growth and long-term success.

Callanan's legal acumen is extensive, with a robust background in financial regulation, compliance, and fintech. Before his tenure at Liberty Strategic Capital, he was the General Counsel of the U.S. Department of the Treasury, where he managed a team of 2,000 lawyers and was pivotal in major initiatives such as economic rescue programs during the COVID-19 pandemic. His role included overseeing the design of new economic sanctions and implementing tax reform policies. For his exemplary service, he has been honored with the Alexander Hamilton Award, the highest accolade awarded by the Treasury.

This appointment aligns with Flagstar's recent $1.05 billion equity investment from Liberty Strategic Capital, which entailed the provision of two Board seats to leading investor Liberty. Following Callanan’s appointment, Flagstar’s Board of Directors will expand to nine members, including notable figures such as Steven T. Mnuchin, the Lead Independent Director, alongside others like Milton Berlinski and Alessandro P. DiNello, highlighting the board's diversity and expertise.

The strategic advancements at Flagstar Financial come at a pivotal moment as the firm seeks to bolster its operational capabilities and align itself more closely with modern financial dynamics. Flagstar Bank, as a subsidiary of Flagstar Financial Inc., is recognized as one of the largest regional banks in the U.S., boasting over 400 branches and total assets exceeding $114.4 billion as of September 30, 2024.

With Callanan's extensive background in legal and regulatory measures, Flagstar is poised to enhance its governance framework. His involvement is anticipated to deliver valuable insights into navigating complex financial landscapes, ensuring the company meets regulatory and strategic goals effectively. As financial markets continue to evolve, the leadership of individuals like Callanan will be critical in driving the company forward.

As Flagstar Financial Inc. embarks on the next phase of growth, Callanan’s proven track record and specialized expertise not only reinforce the company’s governance but will also contribute significantly to optimizing shareholder value and expanding client services. The appointment is seen as a considerable step towards achieving the long-term vision of Flagstar Financial, as it continues to adapt to the changing environment of the financial services industry.

This announcement underscores Flagstar Financial's commitment to securing a leadership team equipped to tackle modern challenges while fostering sustainable growth. As the financial landscape progresses, innovative leadership remains a cornerstone for institutions aiming for resilience and market leadership.