PASADENA, Mar 21, 2009 (San Bernardino County Sun - McClatchy-Tribune Information Services via COMTEX) -- A sobering financial saga that began with last summer's collapse of IndyMac Bancorp Inc. came to an end this week when the newly configured lending institution was sold.
The Federal Deposit Insurance Corp. announced late Thursday that it has completed the sale of IndyMac Federal Bank FSB to OneWest Bank FSB, a newly formed Pasadena-based federal savings bank organized by IMB HoldCo LLC.
OneWest, with total assets of about $16 billion, will assume all deposits of IndyMac Federal, and all 33 branches of IndyMac will reopen today as OneWest, the FDIC said.
Current IndyMac depositors and customers will be "largely unaffected" by the transfer of ownership and will be receiving additional information from the FDIC and OneWest in the coming days, according to a statement from OneWest.
As of Jan. 31, IndyMac Federal had total assets of $23.5 billion and total deposits of $6.4 billion.
Current depositors may be unaffected. But scores of former IndyMac customers lost significant amounts of money when the bank -- then known as IndyMac Bancorp Inc. -- collapsed on July 11.
The bank's collapse was fueled by the public release of a June 26 letter to the Office of Thrift Supervision and the FDIC from Sen. Charles Schumer, D-N.Y.
In his letter, Schumer said he was concerned that IndyMac "may have serious problems with its current loan holdings, and could face a failure if prescriptive measures are not taken quickly."
In the 11 business days following the letter, depositors withdrew more than $1.3 billion from their IndyMac accounts.
The OTS, IndyMac's primary regulator, then named the FDIC as conservator of the Pasadena-based mortgage lender, which has since operated as IndyMac Federal Bank FSB.
OneWest said it will operate as a regional bank, focused on deposits and mortgage lending for its retail customers in Southern California. Over time, the bank plans to expand its retail branch network.
To see more of the San Bernardino County Sun, or to subscribe to the newspaper, go to http://www.sbsun.com. Copyright (c) 2009, San Bernardino County Sun, Calif. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Kevin Smith
Copyright (C) 2009, San Bernardino County Sun, Calif.
Public Companies Associated with this story: IDMCQ
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company profile The holding company for IndyMac Bank, F.S.B., which operates as a hybrid thrift/mortgage banker, provides cost-efficient financing for the acquisition of single-family homes. ... MORE INFO
CONTACT: Michael W. Perry, CPA (CEO) IndyMac Bancorp Inc 888 East Walnut Street Pasadena, CA 91101-7211 P: (800) 669-2300 F: (626) 535-8203 Company Home Page |
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