OneWest Bank has acquired the banking operations of First Federal Bank of California from the Federal Deposit Insurance Corporation (FDIC). Under the terms of the transaction, OneWest acquired $6.1 billion in assets, including $5.3 billion in loans, and $4.5 billion in deposits of First Fed Bank.
The FDIC and OneWest have entered into a loss-sharing agreement covering all acquired loans. Meanwhile, OneWest will continue to be a financial institution with a tangible common equity ratio in excess of 10% and approximately $4 billion in available liquidity.
Steven Mnuchin, chairman of OneWest Bank, said: “This transaction is consistent with our strategy to expand the OneWest footprint in our home market of Southern California.”
Terry Laughlin, CEO and president of OneWest Bank, said: “We are committed to continue providing First Fed customers with the same high level of service they have received at First Fed over the past 80 years and we welcome them to OneWest Bank.”
