Flagstar Bank expanded the role of Andrew (Drew) Ottaway, its current executive vice president and head of lending, to the additional role of president of the bank's Michigan market.
In his expanded position, Ottaway will be responsible for Flagstar's retail platform and 99 branches in Michigan.
"We're extremely pleased with the growth of commercial banking under Drew's leadership," said Alessandro DiNello, CEO of Flagstar. "Customers like the speed to market and easy access to decision-makers that they get from a community bank, while still enjoying a product depth that meets their needs.”
In the time that Ottaway has been in charge of lending, commercial loan balances grew to $3.3 billion, including a highly diversified portfolio of commercial real estate and commercial & industrial loans.
Commercial real estate loans also increased 55% to $1.3 billion, while warehouse lending commitments increased 32% to $2.9 billion year over year, with about 60% of the mortgages purchased by investors other than Flagstar.
“Flagstar is serious about being the only bank our customers need—whether we're talking consumers, small business, middle market, or commercial customers. With his successes on the commercial side, Drew brings a proven track record to his new role in retail banking,” continued DiNello. "The strong growth in our commercial business has the added benefit of helping to balance revenue among our three business lines of community banking, mortgage banking, and mortgage servicing.”