Flagstar taps Solomon for development

By PBN Staff

TROY, Mich. – Flagstar Bank has hired Michael Solomon as vice president and relationship manager. Solomon, who is based in Providence, will be responsible for developing and managing middle market and commercial real estate relationships in Rhode Island and southeastern Massachusetts, according to a release issued by the bank.

The Johnston resident has a B.S. degree in business administration from Boston University and an MBA from the University of Rhode Island. Previous positions include executive director of operations for the R.I. General Treasurer’s office.

Solomon’s hiring continues the expansion of the bank’s New England operations that began with the hiring of Steven Issa, the former regional head of Sovereign Bank, to create a footprint for the Michigan-based institution as it tries to make good on a plan to become a “super community bank,” according to Joseph P. Campanelli, the former CEO of Sovereign who was replaced in late 2008 as Spanish bank Banco Santander SA prepared to purchase the bank. Campanelli is now chairman and CEO of Flagstar Bancorp, the parent of Flagstar Bank.

Flagstar had $12.7 billion in total assets as of June 30 and is the largest publicly-held savings bank headquartered in the Midwest. As of June 30, Flagstar operated 162 branches in Michigan, Indiana and Georgia.