Mark Patterson resigned from his position as director of Flagstar Bancorp, Inc. (FBC) and its subsidiary bank on Friday.

"Mr. Patterson has been a valuable addition to our board of directors since 2009, and we have benefited greatly from his expertise and guidance,” said Flagstar CEO and Chairman of the Board Joseph Campanelli. “We appreciate his many contributions and thank him for his service to Flagstar."

As co-founder of MatlinPatterson Global Advisers, Patterson has served there as chairman since 2002.

Peter Schoels, managing partner of MP Global Advisers, will replace Patterson as director.