Mr. Tierney said, "I am honored to have the opportunity to lead Flagstar through the next phase of our growth. Joe has done an exceptional job of transforming Flagstar and returning it to profitability, and I believe we are well-positioned to build on Flagstar's industry-leading mortgage banking franchise and award-winning retail banking operations to drive value for all our stakeholders. I intend to work collaboratively with our Board, management team, and talented employees to deliver diversified products and exceptional service to our customers and to generate enhanced value for our shareholders, while at the same time helping the communities we serve be better places to live and work." "On behalf of the entire Board, I thank Joe for his hard work and all he has helped Flagstar accomplish during a critical time for the Company," said David Matlin, a member of the Flagstar Board of Directors. "Joe transformed Flagstar and led its return to profitability.