OneWest Bank is a federal savings bank with 82 retail branches in southern California and approximately $14 billion in deposits as of February 2010. In March 2009, OneWest purchased many assets from the Independent National Mortgage Corporation, more commonly known as IndyMac, after it filed for Chapter 7 bankruptcy. In March 2009, the Federal Deposit Insurance Corporation held an auction for IndyMac Bank, which it had seized in 2008, and sold it to IMB HoldCo LLC. The FDIC said at the time that IMB Management Holdings LP, a limited partnership composed primarily of hedge funds, controlled... IMB Holdco LLC. The FDIC also said that IMB HoldCo was the only bidder for all of the IndyMac Bank assets. IMB HoldCo did not bid on the uninsured deposits at IndyMac Bank. There were a number of conditions of the FDIC sale to IMB HoldCo LLC, including that IMB HoldCo would capitalize OneWest with approximately $1.3 billion in cash. As another condition of the sale IMB HoldCo also agreed to continue the FDIC’s existing loan modification program.
more