New York Community Bancorp, Inc. (NYSE: NYCB) today announced the appointment of Alessandro (Sandro) DiNello, Executive Chairman of the Board, as President and Chief Executive Officer, effective immediately. Mr. DiNello succeeds Thomas R. Cangemi, who has stepped down as President and Chief Executive Officer after 27 years with the Company. Mr. Cangemi remains on the Board.
In addition, Marshall Lux, a financial services industry leader who has served as an independent director since 2022, has been named Presiding Director of the Board, effective immediately, following Hanif “Wally” Dahya stepping down as the Board’s Presiding Director and as a director. Mr. Lux has also been named Chair of the Board’s Nominating and Corporate Governance Committee.
Mr. DiNello was appointed Executive Chairman of NYCB’s Board of Directors on February 6, 2024. Prior to this, Mr. DiNello served as non-executive Chairman of the Board after joining the Company following completion of the Flagstar Bank acquisition in December 2022. Before the acquisition, Mr. DiNello served as President and CEO of Flagstar, and under his leadership, the company consistently delivered solid results, underpinned by careful, thoughtful growth and industry-leading risk management. He began his career at Flagstar in 1979 and brings his more than four decades of industry, operational and leadership expertise to his new role at the helm of NYCB.
“It is my mandate as President and CEO, alongside our Board, to continue our transformation into a larger, more diversified commercial bank,” said Mr. DiNello. “While we’ve faced recent challenges, we are confident in the direction of our bank and our ability to deliver for our customers, employees and shareholders in the long-term. The changes we’re making to our Board and leadership team are reflective of a new chapter that is underway.”
About Marshall Lux
Marshall Lux joined NYCB’s Board in February 2022. Mr. Lux was most recently a Senior Partner at Boston Consulting Group, where he advised financial services companies. Prior to that, from 2007 to 2009 he was Global Chief Risk Officer for Chase Consumer Bank at JP Morgan. He is a prominent and highly-regarded financial services industry professional whose career spans nearly four decades and crosses a broad variety of financial industry subsectors, including consumer finance, commercial banks, insurance companies, broker/dealers, wealth and asset management firms, card companies, private equity, and FinTechs.
About New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York. At December 31, 2023, the Company had $116.3 billion of assets, $85.8 billion of loans, deposits of $81.4 billion, and total stockholders’ equity of $10.8 billion.
Flagstar Bank, N.A. operates 420 branches, including strong footholds in the Northeast and Midwest and exposure to high growth markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage originators. In addition, the Bank has 134 private banking teams located in over ten cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses.
New York Community Bancorp, Inc. has market-leading positions in several national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. The Company is the second largest multi-family portfolio lender in the country and the leading multi-family portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Flagstar Mortgage is the seventh largest bank originator of residential mortgages for the 12-months ending December 31, 2023, while we are the industry’s fifth largest sub-servicer of mortgage loans nationwide, servicing 1.4 million accounts with $382 billion in unpaid principal balances. Additionally, the Company is the second largest mortgage warehouse lender nationally based on total commitments.
