Flagstar Bank Extends West Coast Footprint with Strategic Los Angeles Hires

Strategic hires across Commercial Real Estate, Specialized Industries & Capital Markets, Corporate & Regional Commercial Banking, and Private Banking signal the institution’s growth

Flagstar Bank, N.A. has announced a significant expansion of its West Coast operations, deepening its commitment to the Greater Los Angeles market through a series of strategic leadership appointments across its Commercial Real Estate, Specialized Industries & Capital Markets, Corporate & Regional Commercial Banking and Private Banking platforms. These moves are central to Flagstar’s broader transformation, including diversifying its national lending footprint, building world-class teams in high-growth markets and filling a meaningful void by delivering sophisticated, relationship-first banking solutions across the wealth and commercial spectrum.

Richard Raffetto

Flagstar’s senior leadership has deep California roots and a genuine stake in the region’s success. Chairman and CEO Joseph Otting built his banking career at Union Bank, U.S. Bank, and OneWest Bank, while Co-President and Chief Banking Officer Rich Raffetto honed his craft at City National Bank.

In a clear signal of the bank’s long-term commitment to the region, Scott Shepherd, Senior Executive Vice President and President of Commercial Real Estate Banking, relocated to Beverly Hills in July, joining Adam Feit, Executive Vice President and Head of Specialized Industries, in market. Shepherd’s return to Los Angeles underscores Flagstar’s intention to establish a lasting foothold in one of the country’s most dynamic financial markets, while advancing its national origination strategy to diversify lending beyond its current footprint.

Supporting that build-out, Shepherd recently appointed Brian Bergfield as First Vice President and Senior Relationship Manager in the Beverly Hills office. Bergfield brings nearly two decades of CRE finance experience, predominantly at U.S. Bank, specializing in balance sheet lending to institutional borrowers across bridge, construction, term loan and syndicated structures. Shepherd is also actively recruiting senior relationship managers for Northern California and Orange County, with two underwriters already hired in California to support the rollout.

“The Greater Los Angeles market represents an extraordinary opportunity for Flagstar, and our expansion here is a direct reflection of where we see the most compelling growth,” said Shepherd. “Flagstar has worked hard to transform its CRE portfolio over the past 24 months. We are now diversifying into new markets strategically across the country, using the strength of our balance sheet and the capabilities of a major institution, while delivering the responsiveness and personal attention that sophisticated clients seek from their bank relationship. Bergfield is off to a terrific start as we have closed loans with some of the most highly respected CRE operators in Southern California.”

Flagstar’s Specialized Industries & Capital Markets Group, led by Adam Feit, has experienced significant growth in 2026, expanding its producer base, adding clients at a rapid pace and closing loan volume at a scale that positions the team to nearly double both funded loan volume and total revenue by year-end 2027. As a result, Feit has made a series of targeted hires in Los Angeles reflecting the bank’s commitment to deep sector and product expertise on the West Coast.

Steve Russell joins as Managing Director and Head of Interest Rate Derivatives, bringing more than 30 years of experience in financial risk management. At Flagstar, Russell leads a team of derivatives professionals focused on structuring customized hedging solutions to help clients manage interest rate exposure and achieve their strategic objectives. Prior to joining Flagstar, he served as Managing Director and Head of Interest Rate Derivatives Sales at MUFG Union Bank, now part of U.S. Bank.

Also joining the team is Mike Bohannon, Senior Relationship Manager for Leisure, Hospitality & Gaming. Bohannon brings more than 35 years of experience in leveraged finance and banking, with a deep emphasis on the Gaming and Hospitality sectors, including tenures at The Foothill Group, Wells Fargo Bank and First Citizens Bank. At Flagstar, Bohannon focuses on merger and acquisition financing, project and facility expansion financing, and refinance opportunities for clients across the Leisure, Hospitality & Gaming space.

“The West Coast is home to some of the most dynamic and complex businesses in the country, and our Specialized Industries team is built to serve them at the highest level,” said Feit. “The appointments of Steve, Mike and others across our platform reflect our strategy – bringing in seasoned, relationship-driven professionals who know their clients deeply. This is exactly the kind of talent that will accelerate Flagstar’s transformation adding to our Entertainment, Financial Sponsors, Power & Renewables, Syndications and Asset Based Lending teammates in the Los Angeles market already.”

Flagstar’s Corporate & Regional Commercial Banking platform, led by Joe Abruzzo, is also gaining significant traction in the region. Spencer Smith leads the Corporate & Regional Commercial Banking teams in Flagstar’s Southwest region from the Beverly Hills office. Under Smith’s direction, the Greater Los Angeles portfolio has delivered substantial percentage growth in both loan outstandings and lending commitments, supported by an expanding team across Greater Los Angeles, Northern California and Phoenix.

The expansion doesn’t stop at commercial banking. Mark Pittsey, Head of Private Banking & Wealth Management, is building a private bank serving ultra-high-net-worth and high-net-worth individuals, families, and business owners.

Leading the West Coast effort is Jim Denver, West Coast Private Banking Region Head, based in Los Angeles. Denver brings more than 35 years of private banking experience, including 11 years at First Republic Bank, where he helped build the Downtown Los Angeles business banking team and oversees 11 private banking teams across Northern and Southern California.

Information for this article was sourced from Flagstar Bank, N.A.