PASADENA, CA-OneWest Bank, the successor to failed IndyMac Bank,has acquired a $1.4 billion portfolio of approximately 600multifamily and commercial real estate loans from Citibank in whatOneBank describes as a sign of its “ongoing commitment tocommercial real estate lending.”

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The acquisition adds “quality earning assets to our balancesheet,” OneWest Bank president and CEO Joseph Otting said in aprepared statement regarding the transaction.

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The transaction closes immediately, and will be reflected onOneWest Bank’s fourth quarter financial statements. Terms of thetransaction were not disclosed.

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OneWest Bank is one of the largest banks headquartered inSouthern California, with 82 retail branches and assets of $28billion. The bank became the successor to Pasadena-based IndyMacBank when a consortium of private investors completed itsacquisition of the IndyMac banking operations from the FDIC inMarch 2009.

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Otting, who recently stepped into the president and CEO post atOneWest after former CEO Terry Laughlin left the bank in June tojoin Bank of America, formerly managed the commercial banking groupat US Bank, where he was a vice chairman and a member of themanagement committee. Otting also was group head of commercialbanking and an executive vice president at Union Bank for 16 yearsearlier in his career.

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