Flagstaff has announced it is recruiting for executive jobs in Rhode Island.

Flagstar Bancorp, Inc. (NYSE: FBC), the holding company for Flagstar Bank, today announced the addition of several new key executives and plans to expand the Bank’s commercial lending business.

Joining Flagstar’s leadership team will be Steven J. Issa, who was appointed to the position of Executive Vice President & Managing Director, Commercial Banking.  Mr. Issa will oversee the Commercial Banking division and will also serve as the Market President for the New England region, responsible for building and growing Flagstar’s presence and market awareness in that region.

Also joining Flagstar is Michael J. Tierney, who was appointed to the position of Executive Vice President & Managing Director, Retail Banking.  Mr. Tierney will oversee the Retail Banking division and will also serve as the Market President for the Midwest region, responsible for leading and cultivating Flagstar’s presence in its existing footprint.

Flagstar also plans to add around 20 new lenders and managers in each of the Midwest and the New England markets by the end of the year.

“The announcement today marks another big milestone in transforming Flagstar to a full-service super community bank,” said Joseph P. Campanelli, Chairman and Chief Executive Officer.  ”I’m excited that we continue to attract the best talent in banking to the Flagstar executive team.”

Mr. Campanelli continued, “Mike Tierney is a well-seasoned commercial banker with an unparalleled knowledge of the Michigan market, as well as the entire Midwest.  Steve Issa has a great understanding of the needs of small business and how to grow a commercial banking and specialty lending portfolio, and brings a network of long-established relationships that will be invaluable as Flagstar pursues growth in the New England region.”

Mr. Issa brings to Flagstar over 33 years of experience in commercial banking in the Northeast, previously serving as the Executive Vice President and Managing Director of the New England Middle Market and Specialty Group for Sovereign Bank.  In his role as the Rhode Island market Chief Executive Officer at Sovereign, Mr. Issa oversaw 32 retail community branches, with deposits of $2 billion.  Prior to Sovereign, he served in a variety of executive positions at Shawmut Bank and Old Stone Bank.  Mr. Issa is an active member of his community, serving on the Boards of the Greater Providence Chamber of Commerce, Delta Dental of Rhode Island, Miriam Hospital, and the Governor’s Commodore Advisory Group.  A native of Rhode Island, he holds an undergraduate degree and an M.B.A. from Bryant University.

Mr. Tierney is an established commercial banker in Michigan, and throughout the Midwest, bringing with him over 33 years of experience in retail, consumer and commercial banking.  Most recently, he served as President and Chief Executive Officer of the Bluewater Bank Group, an investment group formed to purchase Michigan banks.  Prior to that, Mr. Tierney was the President and Chief Executive Officer for Peoples State Bank, and was also the Senior Vice President and Managing Director for Midwest Business Banking at Chase.  Mr. Tierney began his distinguished career at Comerica Bank, where he served for 28-years in various senior leadership roles, most notably as Senior Vice President, Personal Financial Services, where he oversaw 256 Michigan branches and was responsible for over $13.5 billion in small business and retail deposits.  Mr. Tierney holds an M.B.A from the University of Detroit and a B.S. in Finance from Central Michigan University.  He is an involved member of the Michigan community and serves on a number of local civic organizations.  Mr. Tierney has previously served on the Board of the Michigan Bankers Association, the Board of the Consumer Bankers Association, and is a former chair of the Central Michigan University Development Board.

Also joining the team will be John F. Chipman, who will report to Mr. Issa and will oversee Flagstar’s Specialty Lending division.  Over the past 20 years, Mr. Chipman has successfully built several multi-billion dollar specialty lending businesses.  Most recently, Mr. Chipman served as President and Chief Executive Officer of MassMutual Asset Finance.  Prior to that, he founded Winmark Equipment Finance, an independent equipment finance company that grew to more than $2.2 billion in earning assets.  Mr. Chipman has a degree in economics from Providence College, and holds a Master of Science in Finance from Northeastern University’s Graduate School of Business Administration.

Small businesses appear to be increasing their efforts to hire for jobs in Rhode Island.

Small business managers are expecting hiring activity within their organizations to improve in 2011, but say it will likely be hindered by continued challenges related to accessing credit, government regulations and health insurance costs.  This is according to a new nationwide survey from CareerBuilder conducted between November 15 and December 2, 2010, among more than 1,350 small businesses (organizations with 500 employees or less).

Half of small businesses (51 percent) reported that they are in a better financial position than one year ago, but overall they remain cautious in recruitment plans.  Job growth for this segment is expected to be better in 2011, but will continue at a modest pace.

Full-time Hiring

Twenty-one percent of small businesses plan to add full-time, permanent headcount in 2011, up slightly from 20 percent last year and up from 15 percent in 2009.  Similar to last year, 6 percent of small businesses expect to decrease full-time, permanent headcount, which is half of the number reported in 2009.  Sixty-four percent anticipate no change in full-time, permanent headcount while 9 percent are unsure.

Looking at companies with 100 employees or less, 18 percent expect to increase full-time permanent employees, on par with last year.  Five percent expect to decrease headcount, down from 6 percent in 2010 and 11 percent in 2009.

Part-time Hiring

Eleven percent of small businesses are hiring part-time help, up from 9 percent last year and up from 8 percent in 2009.  The number of small businesses planning to decrease part-time hires (3 percent) is trending below 5 percent reported in 2010 and 11 percent in 2009.  Seventy-six percent anticipate no change in staff levels while 10 percent are unsure.

Contract or Temporary Hiring

Fourteen percent of small businesses reported that their organizations will not be able to maintain current productivity levels, stating that workers are already burned out.  To help meet increased demands, 26 percent of small businesses plan to hire contract or temporary workers in 2011.  Thirty-one percent expect to transition some contract or temporary staff into full-time, permanent employees.

“Small businesses are a major driving force behind job creation in the U.S. and play a vital role in economic growth,” said Matt Ferguson, CEO of CareerBuilder.  ”Small businesses had been in a holding pattern where they were less likely to decrease headcount compared to larger organizations, but also less likely to add new staff.  Over the last year, we saw modest, but continued gains in jobs that are carrying over into 2011.  Before we see people back to work in greater numbers, we need to find ways to get this segment of the economy hiring again.”

Accessing Credit and Other Major Challenges

Eighteen percent of small businesses reported they were unable to access the credit needed to support their businesses in 2010.  More than one-quarter (26 percent) of those companies who could not obtain credit were unable to add employees. Of those companies who were able to access credit last year, 66 percent were able to hire new employees.

Looking forward, 33 percent of small businesses do not think or are unsure if their companies will be able to access credit needed in 2011; 16 percent said it would prevent them from adding headcount this year.  Eight percent said they would not likely be able to stay in business if they can’t access credit needed.

In addition to credit issues, small business employees cited the following as their top challenges for 2011:

• Cost of health insurance – 50 percent
• Government regulations – 27 percent
• Marketing expenses and building awareness – 26 percent
• Attracting and hiring top talent – 19 percent