Flagstar Bank Opens Private Client Office on Royal Palm Way in Palm Beach, Expanding South Florida Presence

Rhea-AI Summary

Flagstar Bank (NYSE:FLG) has announced the opening of a new Private Client Office in Palm Beach, Florida, located at 230 Royal Palm Way. The ground-floor facility features private meeting suites and a dedicated corporate office floor, designed to serve high-net-worth individuals, business owners, and family offices.

The office is led by Michele Celestino, EVP and Head of Private Banking, Southeast, alongside a team of former First Republic bankers. The expansion strengthens Flagstar's presence in South Florida, complementing its existing commercial and corporate banking operations in Miami. As of June 30, 2025, Flagstar Financial reported $92.2 billion in assets, $64.4 billion in loans, $69.7 billion in deposits, and $8.1 billion in total stockholders' equity.

Positive

• Strategic expansion into one of the country's most important private wealth markets
• Experienced leadership with Michele Celestino bringing over a decade of local market experience
• Strong financial position with $92.2B in assets and $8.1B in stockholders' equity

Negative

• None.

Deepens Commitment to Relationship-Driven Private Banking in High-Growth Market for Affluent Clients

HICKSVILLE, N.Y., Aug. 7, 2025 /PRNewswire/ -- Flagstar Bank, N.A., (the "Bank") a subsidiary of Flagstar Financial, Inc. (NYSE: FLG) (the "Company"), today announced the opening of its newest Private Client Office at 230 Royal Palm Way in Palm Beach, FL, marking a major milestone in Flagstar Private Banking's strategic expansion across South Florida.

"South Florida is among the most important private wealth markets in the country, and the opening of our new Private Client Office reflects both the strength of our local team and our commitment to delivering high-touch, relationship-driven banking," said Mark Pittsey, Head of Private Banking and Wealth, Flagstar Bank. "Private Banking is a core part of how we serve our clients and a key growth engine for the Bank. As we expand, our focus is on supporting clients through the full arc of their financial journey—from building and scaling businesses to managing personal wealth and planning for the next generation. By combining local insight with a personalized approach, we're able to deliver advice that's both relevant and lasting."

The ground-floor Private Client Office offers a concierge-style environment designed exclusively for high-net-worth individuals, business owners, family offices, and others seeking bespoke, relationship-driven private banking. The space features private meeting suites and a dedicated corporate office floor, providing clients with tailored, discreet service that sets it apart from traditional retail branches.

The Palm Beach office is led by Michele Celestino, EVP, Head of Private Banking, Southeast, a veteran Private Banking executive with deep ties to the community. Along with her locally based team—many of whom are legacy First Republic bankers—Celestino brings over a decade of in-market experience and a well-established network of client relationships.

Flagstar also maintains a growing commercial and corporate banking presence in Miami, where the team is led by Fred Aldin. The bank plans further expansion across the region to meet rising demand for customized financial solutions.

Flagstar Financial, Inc.

Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York. At June 30, 2025, the Company had $92.2 billion of assets, $64.4 billion of loans, deposits of $69.7 billion, and total stockholders' equity of $8.1 billion. Flagstar Bank, N.A. operates approximately 360 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast.

Investor Contact: 
Salvatore J. DiMartino
516-683-4286

Media Contact:
Steven Bodakowski
248-312-5872

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SOURCE Flagstar Financial, Inc.

FAQ

Where is Flagstar Bank's new Private Client Office located in Palm Beach?

Flagstar Bank's new Private Client Office is located at 230 Royal Palm Way in Palm Beach, Florida.

Who leads Flagstar Bank's Private Client Office in Palm Beach?

The Palm Beach office is led by Michele Celestino, EVP and Head of Private Banking, Southeast, who brings over a decade of in-market experience.

What are Flagstar Bank's (NYSE:FLG) current assets and deposits as of June 2025?

As of June 30, 2025, Flagstar Bank had $92.2 billion in assets and $69.7 billion in deposits.

What services does Flagstar's new Palm Beach office provide?

The office provides bespoke, relationship-driven private banking services for high-net-worth individuals, business owners, and family offices in a concierge-style environment with private meeting suites.

How many locations does Flagstar Bank operate?

Flagstar Bank operates approximately 360 locations across nine states, with strong presence in New York/New Jersey, the upper Midwest, Florida, and the West Coast.