By William Hamilton
PBN Staff Writer
TROY, Mich. â€“ 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 bankâ€™s auto lending arm outside its core market.
Last yearâ€™s turmoil in the financial markets and massive write-downs sank Sovereignâ€™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.