Late Thursday the The Federal Deposit Insurance Corporation (FDIC) announced that it had completed the sale of IndyMac Federal Bank FSB to OneWest Bank, FSB, a newly formed Pasadena, California-based federal savings bank organized by IMB HoldCo LLC with total assets of approximately $16.0 billion.
The new owners injected $1.55 billion in common equity and agreed to purchase all deposits and approximately $20.7 billion in assets at a discount of $4.7 billion with the FDIC retaining the remaining assets for later disposition.
According to the statement from OneWest, it will operate as a regional bank focused on deposits and conforming and jumbo mortgage lending for its retail customers in Southern California. Over the time the bank intends to expand its retail branch network which includes 33 branches located primarily in the Los Angeles area.
As part of the deal, OneWest also acquired and will continue to operate Financial Freedom. No word from Financial Freedom as of press time. OneWest’s website isn’t even live yet… Update.. it now redirects to IndyMacs website.
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