According to a press release, under the terms of the transaction OneWest acquired $3.6 billion in assets, including $3.3 billion in loans, and $2.8 billion in deposits of La Jolla, as of Dec. 31, 2009. The FDIC and OneWest have entered into a loss-sharing agreement covering a majority of the acquired loans.
Last March OneWest completed the purchase for $13.9 billion of the failed lender IndyMac Federal Bank, described as one of the largest casualties of the housing crisis. IndyMac had been seized by the government prior to OneWest’s purchase.
OneWest also reportedly acquired and will continue to operate Financial Freedom, one of the nation’s largest reverse mortgage businesses, as part of that deal.
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