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Dec. 28 (Bloomberg) — IndyMac Bancorp Inc., which failed in July after a run on its deposits, is close to being sold by the government to private equity and hedge fund firms, the New York Times reported, citing people briefed on the deal.
The buyers are J.C. Flowers & Co. and Dune Capital Management, New York-based private equity firms, and the hedge- fund firm Paulson & Co., the unidentified people told the newspaper. The sale by the Federal Deposit Insurance Corp. would be among the first involving unregulated firm buying a bank- holding company, the Times said in its Dealbook section.
The group would buy all of Pasadena, California-based IndyMac, including 33 branches, its reverse-mortgage unit and a $176 billion loan-servicing portfolio, the newspaper said. An announcement could be made as soon as tomorrow, the Times said.
“We have not made an announcement on a buyer outside of saying that we expect to make one by year’s end,” FDIC spokesman David Barr said in an e-mail today.
