ADVERTISEMENT

First Niagara Financial Group this week announced James K. Ciroli was leaving the bank effective Friday as its principal accounting officer for a job with an undisclosed employer.

Now we know where the 49-year-old Ciroli is headed: Michigan-based Flagstar Bancorp, where he was named executive vice president, chief financial officer and principal accounting officer. He starts those roles Aug. 4.

In a document filed with regulators, Flagstar said Ciroli will receive a base annual salary of $450,000, a signing bonus of $100,000, and a guaranteed minimum cash bonus for 2014 of $225,000, payable in the first quarter of 2015. The combined total: $775,000. He is also entitled to an allowance for relocation expenses.

Ciroli had joined First Niagara in 2009.

-- Matt Glynn