October 2, 2009 (FinancialWire) — Flagstar Bancorp, Inc., (NYSE: FBC) has named Joseph P. Campanelli as president and chief executive officer. Campanelli, the former president and CEO of Sovereign Bank and its parent Sovereign Bancorp, will replace Mark T. Hammond.

Hammond had served as Flagstar’s president since 1995 and CEO since 2002. Campanelli will also join the Flagstar board.

Troy, Michigan-based Flagstar operated 175 banking centers in Michigan, Indiana and Georgia and 45 home loan centers in 18 states as of June 30. Flagstar Bank originates loans nationwide and is one of the leading originators of residential mortgage loans.

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