PASADENA, CA-OneWest Bank, the successor to failed IndyMac Bank, has acquired a $1.4 billion portfolio of approximately 600 multifamily and commercial real estate loans from Citibank in what OneBank describes as a sign of its “ongoing commitment to commercial real estate lending.”
The acquisition adds “quality earning assets to our balance sheet,” OneWest Bank president and CEO Joseph Otting said in a prepared statement regarding the transaction.
The transaction closes immediately, and will be reflected on OneWest Bank’s fourth quarter financial statements. Terms of the transaction were not disclosed.
OneWest Bank is one of the largest banks headquartered in Southern California, with 82 retail branches and assets of $28 billion. The bank became the successor to Pasadena-based IndyMac Bank when a consortium of private investors completed its acquisition of the IndyMac banking operations from the FDIC in March 2009.
Otting, who recently stepped into the president and CEO post at OneWest after former CEO Terry Laughlin left the bank in June to join Bank of America, formerly managed the commercial banking group at US Bank, where he was a vice chairman and a member of the management committee. Otting also was group head of commercial banking and an executive vice president at Union Bank for 16 years earlier in his career.
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