Joseph Otting's Employment Agreement in His Role as CEO Extended Through March 2028

Richard Raffetto and Lee Smith Named Co-Presidents and Co-Chief Operating Officers with Expanded Responsibilities

Bao Nguyen Named Chief Legal Officer and Chief Operating Officer for Consumer and Retail Banking

Sydney Menefee Named Chief Audit Executive

Peter Sullivan Named General Counsel

HICKSVILLE, N.Y., May 18, 2026 /PRNewswire/ -- Flagstar Bank, N.A. (NYSE:FLG) (the "Bank") today announced several leadership updates which further strengthen the Bank's executive management team and support the continued execution of its long-term strategic plan, senior executive development, and succession planning.

The Board of Directors has approved a one-year extension of Executive Chairman and Chief Executive Officer Joseph M. Otting's employment agreement in his role as CEO through March 6, 2028. This decision reflects the Board's confidence in his leadership, the Bank's return to profitability, and its commitment to ensuring stability and continuity, as the Bank continues to transform into a high-performing regional bank.

In addition, Richard Raffetto and Lee Smith will serve as Co-Presidents and Co-Chief Operating Officers, effective immediately. In their expanded roles, Messrs. Raffetto and Smith will assume additional leadership responsibilities across key operational and strategic functions, further enhancing organizational alignment and continuing momentum across the Bank's business lines. As part of these planned changes, Mr. Otting will relinquish the title and role of President, while continuing to serve as Executive Chairman and Chief Executive Officer.