secwatch.observer — SEC 8-K summary
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Issuer:     FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG)
CIK:        0000910073
Form:       8-K
Filed at:   2026-05-18T21:00:20+00:00
Accession:  0000910073-26-000053
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Flagstar Bank extends CEO Otting's term to March 2028; appoints Raffetto and Smith as Co-Presidents
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- Joseph Otting's employment extended as CEO through March 6, 2028; base salary rises to $1.4M from Mar 2027.
- Richard Raffetto (Chief Banking Officer) and Lee Smith (CFO) named Co-Presidents and Co-COOs, effective May 18.
- Bao Nguyen becomes Chief Legal Officer and COO for Consumer & Retail Banking; Peter Sullivan named General Counsel.
- Sydney Menefee will become Chief Audit Executive by end of June, reporting to Audit Committee chair and CEO.
- Otting receives $10M RSU award vesting quarterly through March 2028; target bonus $2.25M for 2026, $2.5M for 2027.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/0000910073-26-000053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/nycb-20260518.htm
  HTML page:      https://secwatch.observer/filing/0000910073-26-000053

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