Flagstar’s leadership shift sharpens equipment finance focus
12th-largest bank-owned equipment finance platform is reorganizing
Flagstar Bank is realigning its commercial division, unifying its secured lending businesses into one specialty finance brand.
Uniting the bank’s legacy Flagstar, Signature Bank and New York Community Bank (NYCB) operations into one platform reinforces its commitment to equipment finance amid a coming boom driven by onshoring, tariffs and trade shifts, Rich Raffetto, senior executive vice president of commercial and private banking, told Equipment Finance News.
“If we aspire to be a strong commercial bank, we need a strong equipment finance business and platform.” — Rich Raffetto, senior executive vice president of commercial and private banking, Flagstar Bank
“We need to further invest in that platform to have a vibrant commercial bank to serve the business needs of companies, big, small and everything in between, who are taking advantage of the macro environment,” he said.
Raffetto said Hicksville, N.Y.-based Flagstar’s commercial and industrial lending businesses have been unified into one specialty finance platform encompassing:
- Asset-based lending;
- Dealer finance;
- Equipment finance; and
- Public finance.
Legacy talent, new challenges
Rick Kurz, a 30-year industry veteran who joined Flagstar following its acquisition of Signature in 2023, was promoted to president of Flagstar Financial and Leasing following Walter Rabin’s retirement.
Also joining the equipment finance group are Levi Richardson as senior vice president of capital markets, after serving in the same role at NYCB, to streamline communication with capital markets partners, and Bob Stark as senior vice president, senior director and head of national intermediary finance financial and leasing.
These additions reinforce the bank’s commitment to equipment finance and its focus on expanding with experienced talent, Kurz said. Richardson also helped start Flagstar Bank’s equipment finance division back in 2011.
“The sign of a healthy organization is mixing in legacy talent and challenging them with new ideas and new leaders from time to time,” he said.
Meanwhile, several former Flagstar and Signature Financial employees have moved on into roles with Gordon Brothers and Peapack Capital.
Streamlined portfolio management
The reorganization simplifies the client experience, streamlines credit and portfolio management, and creates synergies across corporate banking, vendor finance and capital markets, Kurz and Raffetto agreed.
Flagstar is the 12th-largest bank-owned equipment finance platform in the industry, with more than 111 employees, Kurz said. Flagstar Financial and Leasing had $5.7 billion in total assets and $603.2 million in new business volume, according to the 2025 Monitor 100.
“Our real measure of success is customer by customer, relationship by relationship,” Kurz said. “There are many choices for our clients, and the fact that they trust us — that’s the key measure of our success.”
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