TROY, Mich. – Joseph Campanelli has found a new place to work.
Campanelli, the former president and CEO of Sovereign Bancorp Inc., has been appointed president and CEO of Flagstar Bancorp Inc., a publicly traded (NYSE: FBC) regional bank based in Troy, Mich., that employs about 3,700 and also operates in Indiana and Georgia.
Campanelli left Sovereign, which is officially headquartered outside of Philadelphia and is No. 4 by deposits in Rhode Island, in October 2008 after the bank made some missteps, including broadening the bank’s auto lending arm outside its core market.
Last year’s turmoil in the financial markets and massive write-downs sank Sovereign’s share price. Campanelli was replaced in January 2009 by veteran banker Paul Perrault, a Central Falls native. Perrault was out less than a month later as Spanish bank Banco Santander moved to acquire Sovereign.