In his new role, Birnbaum will be responsible for the day-to-day management and oversight of all private client banking teams. He joined Flagstar earlier this year from First Republic Bank after a 16-year tenure where he led a team of private bankers, catering to a wide variety of clients, including high-net worth individuals and their businesses. With more than 25 years' experience in private banking, he is a well-respected industry veteran with a proven track record in winning and growing businesses.
Birnbaum succeeds Senior EVP and President of Commercial and Private Banking, Eric Howell, who will transition to a non-executive advisory role for the company.
Flagstar’s Senior EVP and President of Banking Reggie Davis will assume responsibility and oversight of the Private Banking Group, with Birnbaum reporting directly to him.
"The Private Banking Group is a core business at Flagstar, with talented and dedicated teammates, who deliver tremendous value to their clients, and that will not change,” said Davis. “I look forward to working with Jason in developing a best-in-class single-point-of-contact private client model with a one bank, one team client-focused approach."
Late last year, NYCB completed its acquisition of Flagstar Bancorp, creating a regional banking franchise which is ranked among the top 25 banks in the country based on total assets.
"I am thankful to Eric for his contribution and commitment to helping clients and teammates succeed during his short time at Flagstar,” added NYCB President and CEO Thomas R. Cangemi. “I look forward to his continued contributions as a valued advisor and everyone at the company wishes him continued success."
Flagstar Bank operates 436 branches nationwide, 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 10 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.
"Jason possesses the necessary business acumen and expertise for this role and has demonstrated the ability to motivate and inspire his teams to success,” added Cangemi. “I am confident that, working closely with Reggie, Jason will strengthen and elevate our Private Banking Group.”
NYCB and Flagstar recently unveiled a modern new visual identity and logo (see below) combining the best elements of its legacy banks. It follows the acquisitions of Flagstar Bancorp Inc. and Signature Bank by NYCB, and signals the unification of the three companies under the Flagstar name and their commitment to helping customers, clients, and communities to take charge and thrive.