Posted on 12/19/2009 3:24:02 PM PST by La Enchiladita
**** Bank failures now total 140 in 2009 ****
LOS ANGELES/NEW YORK, Dec 18 (Reuters) - OneWest Bank, formerly failed mortgage lender IndyMac, bought the assets of First Federal Bank after it was closed by U.S. regulators, in a deal that may bolster the case for private investment in banks.
California's First Federal was one of seven U.S. lenders closed on Friday by regulators, bringing the total number of U.S. bank failures this year to 140.
The 39 branches of First Federal -- formerly controlled by FirstFed Financial (FFED.PK) -- reopen on Saturday as OneWest Bank FSB.
In addition to assuming $4.5 billion in total deposits, OneWest, of Pasadena, Calif., agreed to buy essentially all of First Federal's assets of $6.1 billion, the Federal Deposit Insurance Corp said.
The deal is OneWest's first since it was formed to take over IndyMac's assets earlier this year by a group of private equity and hedge fund investors, including funds run by billionaire investors J.C. Flowers, John Paulson and George Soros.
(Excerpt) Read more at reuters.com ...
Ping to post#18.
Thanks for pinging me to that non-TARP bank list. Also, I have long wondered why Soros is still alive -— undoubtedly a LOT of us who can’t understand that. He looks to be fairly elderly —
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