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Flagstar Bancorp says chairman Hammond will retire

Chairman Hammond will retire from Flagstar Bancorp and Flagstar Bank boards

  • On 8:14 am EDT, Friday October 23, 2009

TROY, Mich. (AP) -- Flagstar Bancorp Inc. said Thomas Hammond has decided to retire as chairman of the boards of the bank holding company and Flagstar Bank FSB.

Hammond also resigned from both boards, the bank holding company said. The company plans to elect a new chairman soon, it said in a statement late Thursday.

Flagstar was acquired in December 2008 by MatlinPatterson Global Advisers LLC, a private equity firm based in New York. Joseph P. Campanelli is now the chief executive of Flagstar.

"The new CEO has strong banking experience and understands the decisions necessary for Flagstar to be competitive in this business environment," Hammond said in a statement.

Flagstar has $16.8 billion in total assets and operated 175 banking centers in Michigan, Indiana and Georgia and 45 home loan centers in 18 states as of June 30.

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