Flagstar in Mich. Hires Lending Executive from Comerica

Flagstar Bancorp in Troy, Mich., has picked Andrew Ottaway for the newly created position of managing director of lending.

Ottaway will lead the $12.5 billion-asset bank's nonmortgage lending activities, including commercial real estate, large corporate lending, middle-market and warehouse lending. He will also have responsibilities in connection with consumer finance, equipment finance, government banking, treasury management and strategic alliances.

"We are pleased to have someone with [Ottaway's] strong experience, Michigan background, and professionalism join Flagstar in this very important role," Chief Executive Alessandro DiNello said in a news release this week. "Building the bank's balance sheet will be critical to the continued diversification of our earnings, and [Ottaway] will play a big part in that effort."

Before joining Flagstar, Ottaway most recently served as senior vice president and chief credit officer for wealth management and retail banking at Comerica Bank. A Comerica spokesman told American Banker that the company has not yet named his replacement.