banking founded march 19 2009 headquarters pasadena california us key people steven mnuchin chairman joseph otting ceo and president total assets 27 billion parent cit group subsidiaries financial freedom a reverse mortgage platform website www.onewestbank.com onewest bank headquarters in pasadena onewest bank is a national bank with 70 retail branches in southern california and approximately 12 billion in deposits as of june 2013 . in march 2009 onewest purchased many assets from the independent national mortgage corporation more commonly known as indymac after indymac filed for chapter 7 bankruptcy . in august of 2015 onewest was acquired by cit group . 1 contents 1 history 2 controversial foreclosures on indymac loans 3 see also 4 references 5 external links history edit in march 2009 the federal deposit insurance corporation fdic held an auction for indymac bank which it had seized in 2008 and sold it to imb holdco llc . the fdic said at the time that imb management holdings lp a limited partnership composed primarily of hedge funds controlled imb holdco llc . the fdic also said that imb holdco was the only bidder for all of the indymac bank assets . imb holdco did not bid on the uninsured deposits at indymac bank . there were a number of conditions of the fdic sale to imb holdco llc including that imb holdco would capitalize onewest with approximately 1.3 billion in cash . 2 as another condition of the sale imb holdco also agreed to continue the fdic s existing loan modification program . the fdic also agreed to share losses on a portfolio of qualifying loans with imb holdco assuming the first 20 % of losses with the fdic sharing losses 80 20 for the next 10 % of losses and 95 5 thereafter . finally under a participation structure on an approximately 2 billion portfolio of construction and other loans the fdic will receive a majority of all cash flows generated . onewest bank began operations as a newly formed pasadena california based federal savings bank on march 19 2009 with its acquisition of certain assets and certain limited liabilities of indymac federal bank fsb from the fdic . the newly formed bank opened its doors with 33 branches and approximately 16 billion of assets . since its formation onewest bank has grown through acquisitions from the fdic of certain assets loans and deposits of other california based financial institutions . on december 18 2009 onewest completed the acquisition of the banking operations of first federal bank of california including 6 billion in assets and 5 billion in deposits . on february 19 2010 onewest acquired all of the deposits and certain assets of la jolla bank fsb including 4 billion in assets and 3 billion in deposits . in december 2009 onewest bank announced the creation of the onewest foundation a new nonprofit public benefit corporation funded with a 10 000 000 contribution from onewest bank fsb . the foundation is being established to actively invest in the communities in which the bank operates its branch network . in february 2010 onewest bank entered into a purchase and assumption agreement with the fdic for acquisition of the deposits and certain assets of la jolla bank fsb . under the terms of the transaction onewest acquired 3.6 billion in assets . the fdic and onewest agreed to a loss sharing agreement covering a majority of the acquired loans from la jolla bank . on october 4 2010 onewest bank announced that it has implemented the principal reduction alternative pra loan modification program as outlined under the home affordable modification program hamp . with this announcement onewest becomes one of the first servicers to launch the program . in november 2010 onewest bank purchased of a 1.4 billion multifamily and commercial real estate loan portfolio from citibank n.a. the portfolio which includes approximately 600 loans is a strategic addition to onewest bank s growing commercial real estate lending business . as of november 2010 onewest bank has been recognized as the 40th largest among us banks and thrifts by snl financial . on july 22 2014 it was announced that cit group would be acquiring onewest bank for 3.4 billion . after the acquisition closed it was reported that the bank would be merged with cit s commercial banking subsidiary and be called cit bank . 3 on august 3rd 2015 it was announced that the acquisition of onewest bank by cit group was completed . 4 controversial foreclosures on indymac loans edit in enforcing its rights under the loans purchased from indymac onewest bank has taken a much more aggressive approach to foreclosing on properties . on november 25 2009 judge spinner in long island new york penalized onewest for their harsh repugnant shocking and repulsive actions in trying to work out a distressed mortgage by canceling the debt in favor of the borrower . 5 a year after the new york judge spinner wiped away the debt an appellate panel ruled that the judge had no right to do it . while judge spinner ruled that the bank s practices warranted him erasing the homeowners debt the appellate judges found that he had no authority to render such a judgment and did not give the bank fair notice that such consequences were even on the table . 6 on december 8 2009 onewest worked with the hennepin county minnesota sheriff s department to change the locks on a distressed home despite stating in a nov. 25 e mail that they were rescinding both the foreclosure and the sheriffs sale . onewest bank said you expressed concern that you and your mother will be evicted from the property . rest assured that will not take place . 7 changing the locks was done without any court action which bypasses acknowledged and mandated due process on home foreclosures in minnesota . 7 additionally several judges have issued temporary restraining orders and preliminary injunctions against onewest preventing onewest from foreclosing on properties where the borrower claims onewest failed to follow proper procedure in foreclosing on the property or otherwise violated the borrower s rights . 8 see also edit 2008 united states bank failures subprime mortgage crisis references edit http www.businesswire.com news home 20150803005417 en cit completes acquisition onewest bank . vcnln nldyv fact sheet fdic sale of indymac fsb . press release . federal deposit insurance corporation . 2009 01 29 . retrieved 2010 02 20 . first1 missing last1 in authors list help reckard e. scott 2014 07 22 . lender cit to buy onewest bank formerly indymac for 3.4 billion . la times . http www.businesswire.com news home 20150803005417 en cit completes acquisition onewest bank . vcnln nldyv crowley kieran ; wilner rich ; mangan dan 2009 11 25 . judge blasts bad bank erases 525g debt . new york post . crowley kieran ; olshan jeremy november 23 2010 . couple s foreclose break ko d . new york post . a b http twincities.indymedia.org 2009 dec leslie parks illegally locked out her home indymacone west bank comment 9038 http foreclosuredefensenationwide.com p 147 external links edit onewest bank v t e 50 largest banks and bank holding companies in the united states ally american express bancwest bank of america bank of new york mellon bb & t bbva compass bmo harris capital one charles schwab cit citigroup citizens comerica deutsche discover e trade fifth third first niagara ge capital goldman sachs hsbc bank usa huntington john deere jpmorgan chase key m & t morgan stanley mufg union mutual of omaha nationwide new york community northern trust people s united pnc popular rbc usa regions santander state farm state street suntrust svb synchrony td tiaa u.s. usaa wells fargo zions indicates the u.s. subsidiary of a non u.s. bank . inclusion on this list is based on u.s. assets only and is current as of december 31 2015 . retrieved from https en.wikipedia.org w index.php title onewest bank & oldid 740543089 categories banks established in 20092009 establishments in californiahidden categories cs1 errors 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