What is the history of OnWest bank?


Quick Answer

OneWest Bank began business operations in March 2009, capitalized by IMB HoldCo LLC with assets from IndyMac Federal Bank FSB, which IMB acquired from the Federal Deposit Insurance Corporation, or FDIC. The FDIC became the Conservator of the IndyMac Federal Bank after the bank was closed by the Office of Thrift Supervision. All deposits with the IndyMac Federal Bank was transferred to OneWest, according to the FDIC website.

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Full Answer

Prior to selling IndyMac assets to IMB HoldCo, the FDIC served as the Conservator for IndyMac Federal Bank after its closure on July 2008, Insured deposits of IndyMac continued to have access to regular banking services such as online services, safe deposit boxes and night deposit boxes. There was also no break in banking services after the IMB acquisition of IndyMac assets on March 2009.

OneWest Bank offers personalized financial banking services to individual customers, small businesses and corporations, according to the Bloomberg website. Among its products include personal and business checking accounts, savings accounts money market accounts, certificates of accounts and loan services. As of June 2013, OneWest Bank has about $12 billion in deposits in 75 different branch locations in Southern California. It is headquartered in Pasadena, California, operating as a subsidiary of OneWest Bank Group LLC.

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