OneWest Bank, a newly-formed thrift holding company owned by a consortium of private investors, has completed its acquisition of the banking operations of IndyMac Federal Bank, FSB from the Federal Deposit Insurance Corporation.
IndyMac’s assets and operations were acquired by OneWest Bank, FSB, a newly-formed California-based federal savings bank.
OneWest will operate as a regional bank, focused on deposits and conforming and jumbo mortgage lending for its retail customers in Southern California. Over time the bank intends to expand its retail branch network, which currently includes 33 branches located primarily in the Los Angeles area. OneWest will operate the national mortgage banking business acquired from IndyMac and continue to modify mortgages in accordance with the program created by the Federal Deposit Insurance Corporation (FDIC).
OneWest Bank has said that current IndyMac depositors and customers will be largely unaffected by the transfer of ownership. OneWest does not plan any branch closures and expects to add more customer-facing employees over time, consistent with its plans to grow OneWest’s retail banking presence. Existing IndyMac branches will be transitioned to the OneWest brand over the coming months.
Steven Mnuchin, chairman and CEO of OneWest Bank, the holding company that now owns the bank, said: We appreciate the support of the FDIC and the Office of Thrift Supervision in completing this transaction, and we are committed to continuing our work with the FDIC and other government agencies to implement programmes to help homeowners. We are looking forward to a long and successful relationship with our valued customers, dedicated employees and the communities we serve. OneWest will benefit from a strong capital position and support from a committed group of investors.
