The board of directors at United Shore Financial Services has appointed the former chief executive officer of Flagstar Bancorp Inc. as its new co-chairman. It’s the second senior appointment in as many months for the growing lender — which now has two families among its executives.
Just last month, the Birmingham, Mich.-based company named Mat Ishbia as its new CEO. Ishbia replaced Kip Kirkpatrick, who will remain on United Shore’s advisory board.
Ishbia is the son of United Shore’s founder and chairman, Jeffrey A. Ishbia. Now, the senior Ishbia will share his position with an incoming co-chairman.
On Tuesday, United Shore announced that Mark T. Hammond will be joining its board as co-chairman.
Hammond resigned as the president and CEO of Troy, Mich.-based Flagstar in October 2009. He was reportedly part of Flagstar’s founding management team and had served as vice chairman of the publicly traded company.
“At Flagstar, he was instrumental in growing the company from being a de novo bank to a major financial institution with a highly influential national presence, more than $16.8 billion in assets, and a well-respected brand name within the mortgage industry,” today’s statement said.
Hammond also served on the advisory board for Fannie Mae, Freddie Mac and Real Estate One, according to United Shore, and he currently serves as managing partner of the private equity firm Alidade Capital.
Hammond is no stranger to nepotism; his own father, Thomas J. Hammond, was chairman of Flagstar until he, himself, was pushed out also in October 2009. In addition his wife, Kirstin A. Hammond, was previously the president of Flagstar Capital Markets Corp. and now works as executive vice president of capital markets at United Shore.
Mark Hammond noted in Tuesday’s announcement that “positive synergies” between him and United Shore will enable the company to move to the next level.
“Joining United Shore Financial Services as co-chairman was an easy decision for me ,” he said.
