• Investment Year:2009
  • Status: Past | Acquired by CIT
  • Stage:
  • HQ:New York, NY

OneWest Bank

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OneWest is a California-based bank holding company that was established to purchase certain assets of IndyMac Federal Bank, FSB after IndyMac was placed into conservatorship under the control of the Federal Deposit Insurance Corporation in July 2008.

IndyMac was a regional savings and loan institution based in southern California that historically focused on originating single-family mortgage loans.

Trident IV was part of the investor group that led the formation of OneWest, a new savings and loan association, to acquire substantially all of the assets of IndyMac from the government following the failure of IndyMac in the summer of 2008. As part of the transaction OneWest entered into loss share agreements that provided meaningful protection on a large portion of the single-family mortgage portfolio acquired by OneWest.

Through the course of the consortium’s ownership, OneWest Bank successfully transitioned from an asset‐focused thrift to one of the leading regional banks in the Southern California market. In August 2015, OneWest closed on its sale to CIT Group (NYSE: CIT) for $3.4 billion in cash and stock. The combined CIT/OneWest bank had more than 70 branches, $65 billion in assets and $30 billion in deposits.