Flagstar Bank names Brett Mitstifer as private banking CIO

NEW YORK - Flagstar Bank, N.A., a subsidiary of Flagstar Financial, Inc. (NYSE:FLG), announced Wednesday the appointment of Brett Mitstifer as Executive Vice President and Chief Investment Officer of its Private Banking & Wealth Management division.

Mitstifer, who brings over 30 years of experience in investment and wealth management for high-net-worth clients, will be based in New York City and report to Mark Pittsey, Executive Vice President and Head of Private Banking and Wealth Management.

In his new role, Mitstifer will lead investment strategy development and expand the product suite to deliver tailored solutions for clients. He will also help shape the bank’s investment approach by providing insights and guidance.

Prior to joining Flagstar, Mitstifer spent two decades at HSBC Private Bank, most recently as Chief Investment Officer & Regional Head of Investment Management, where he managed $8.5 billion in assets. He previously held leadership positions at Value Line Asset Management and Hovey, Youngman & Associates. Mitstifer holds a B.S. in Finance from Penn State University and a Chartered Financial Analyst designation.

"Brett’s appointment marks a significant milestone in the growth of Private Banking and Wealth Management at Flagstar," said Pittsey in the press release.

Flagstar’s Private Banking and Wealth Management division has been expanding its footprint, recently opening a Private Client Office in Palm Beach. Additional locations in San Francisco and New York are scheduled to open this year, with plans for Beverly Hills in 2026. While the company’s stock has shown strong momentum with a 37.75% year-to-date return, InvestingPro analysis reveals 12 analysts have revised their earnings expectations downward for the upcoming period. For deeper insights into Flagstar’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.

As of June 30, 2025, Flagstar Financial reported $92.2 billion in assets, $64.4 billion in loans, $69.7 billion in deposits, and $8.1 billion in total stockholders’ equity. The bank operates approximately 360 locations across nine states. According to InvestingPro metrics, the company’s overall financial health score is currently rated as WEAK, with challenges in profitability despite maintaining dividend payments for 32 consecutive years.

In other recent news, Flagstar Financial Inc. reported its second-quarter earnings for 2025, revealing an adjusted net loss of $0.14 per diluted share, which aligned with analyst expectations. The company recorded revenue of $496 million, falling short of the forecasted $519.38 million. Additionally, Flagstar Financial announced that it has entered into voting agreements with affiliates of Liberty 77 Capital L.P., Hudson Bay Capital Management, LP, and Reverence Capital Partners, L.P. These investors collectively hold approximately 35.05% of the company’s outstanding common stock. The voting agreements are part of Flagstar Financial’s plan to merge with its wholly owned bank subsidiary, Flagstar Bank, N.A., with the bank as the surviving entity. These developments reflect the company’s ongoing efforts to restructure and align its financial operations.

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