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OneWest Bank was founded as a regional bank in Southern California dedicated to customer service and a commitment to our community.

expand +About OneWest Bank

About OneWest Bank

OneWest Bank was founded as a regional bank in Southern California dedicated to customer service and a commitment to our community. Headquartered in Pasadena, our executive team is comprised of industry leading experts who reside in Southern California and understand the local market and economy. With a strong capital foundation and consistent focus on providing value to our customers, we offer a full suite of banking services customized to your specific individual or business needs.

Our retail branches, spanning from San Diego to Ventura County, offer a full array of deposit and lending solutions for consumers and small businesses. We also offer a suite of wealth management products and services including private banking, investment advisory and trust services. As local specialists in the real estate market, we offer custom home loans up to $15 million with competitive rates, low down-payment options and personalized service to guide you through the loan closing process.

Our Commercial Banking and Real Estate Groups offer business loans up to $400 million in highly specialized fields, including sponsored finance, technology, energy, media and entertainment along with real estate loans, term loans, bridge loans, construction loans, revolving lines of credit and interest rate derivatives. Our Deposit and Payment Solutions help your business improve cash flow management, reduce costs, improve productivity and protect against fraud.

OneWest Bank's mission is to help you achieve your financial goals One Person at a Time® and One Business at a Time®. If you are an existing customer, we look forward to expanding our relationship with you, and if you are a potential new customer, we would be pleased to welcome you to OneWest Bank.



About OneWest Bank

* Investment products are not FDIC insured, may lose value and there is no bank guarantee.

Read current and past press releases about OneWest Bank activities, services and community projects.

expand +Draft CIT Bank N.A. Community Benefits Plan

Draft CIT Bank N.A. Community Benefits Plan

February 2015

The Community Benefits Plan (the “Plan”) is subject to change based upon input from the OCC and the final Plan will be approved by the Enterprise Risk Committee of the CITBNA (or the “Bank”) and the CITBNA Board, or the appropriate committee, following the completion of the Transaction and annually thereafter.

Assessment Area

The anticipated Assessment Areas are as follows:

  • Los Angeles-Long Beach-Glendale, CA MD (full-scope)
  • Oxnard-Thousand Oaks-Ventura, CA MSA (limited-scope)
  • Riverside-San Bernardino-Ontario, CA MSA (limited-scope)
  • San Diego-Carlsbad, CA MSA (limited-scope)
  • Anaheim-Santa Ana-Irvine, CA MD (limited-scope)

Deposits owned by depositors that reside outside of the Assessment Areas, such as CIT Bank’s internet and brokered deposits, will be allocated to the Los Angeles-Long Beach-Glendale, CA MD assessment area.

Overall Target

  • The Bank will develop and implement an annual community benefits plan to meet the needs of its community with an objective of receiving an “Outstanding” CRA rating from the OCC
  • Target $5.0 billion over 4 years in total Community Activities1

Lending Targets

  • Target $3.8 billion over 4 years in CRA-Reportable Lending2
  • Meet or exceed peer benchmark targets for low and moderate income (“LMI”) tracts and borrowers
  • Achieve SBA Preferred Lender designation
  • Develop a small business loan and technical assistance referral program so that businesses unable to qualify for small business loans from the Bank can be referred seamlessly to local CDFIs and other nonprofit providers that may be able to make the loan and/or provide technical assistance in order to help borrowers better prepare themselves to qualify for conventional financing.
  • Maintain single point of contact to work with nonprofit groups representing homeowners seeking to secure loan modifications
  • For loans originated by CITBNA (including originations by predecessor OneWest, however excluding loans acquired by OneWest), CITBNA will develop a policy to prefer nonprofits in the sale of distressed loans and REO properties

In order to achieve its lending goals, CITBNA will expand its efforts across small business lending (including SBA 504 and 7(a) loans) and single family residential (“SFR”) mortgage loans. In addition, CITBNA will originate community development loans and small ticket leases. Historically OneWest’s primary CRA product was SFR mortgage lending, specifically refinancing borrowers in the mortgage servicing portfolio. As a result of OneWest’s exit of the third party mortgage servicing business in 2013, OneWest saw a significant decrease in its SFR lending activities. The Bank will seek to grow lending volume through introducing innovative and flexible lending products to the market and will explore products such as multifamily lending, lines of credit to non-profits for purposes of acquiring properties for LMI homebuyers and affordable mortgage loan products (e.g., Fannie Mae’s MyCommunityMortgage® loans). As in the past, key considerations will include the ability to recruit experienced subject matter experts, including both relationship officers and credit approval offers, for the contemplated product offering. All new product offerings will be subject to a new product approval process within CITBNA.

Investment Targets

  • 8% of Tier 1 Deployed Capital in CRA qualified investments
  • $5 million in annual donations to established non-profit organizations with demonstrated impact that support the provision of affordable housing, education, financial literacy, workforce development, health and human services to LMI individuals, programs for at risk youth and technical assistance programs for small business owners

The Bank will strive to broaden its CRA investment portfolio to include more complex investments that respond to community needs while maintaining the Bank’s risk and economic return tolerances. In addition, the Bank will continue to work with nonprofit organizations that provide basic services that provide community benefits. These services could include: affordable housing, education, financial literacy, workforce development, health and human services to LMI individuals, programs for at risk youth and technical assistance programs for small business owners.

Service Targets

  • 15% of total branches/ATMs out of the total population of branches/ATMs to be located in LMI tracts
  • ATMs will be a member of MoneyPass providing participants surcharge free access to the Bank’s ATMs (Note: EBT Cards are members of MoneyPass)
  • Reduce opening balance of Personal Checking account requirement from $100 to $25
  • Annual CRA volunteer service target of 2,100 hours

Other Community Goals & Targets

  • The Bank will establish a community advisory board who will support the Bank in developing and refining our community programs and annual community benefits plan
  • On an annual basis, the Bank will host a community day with community leaders in the Bank’s Assessment Areas to share information on its annual community activities and solicit input from the community on emerging and continuing areas of need
  • The Bank will seek to have representatives from the Latino, Asian American and Pacific Islander, and African-American community on its board of directors within 3 years
  • The Bank will set a target for a percentage of vendor spend with women-, minority- and service disabled veteran-owned businesses within 120 days of the consummation of the Bank Merger
  • Commit to join the Southern California Minority Supplier Development Council
  • Commit to actively recruit minorities, disabled, veterans as well as unemployed individuals through outreach in targeted job fairs and job boards

Contact:
Cindy Tran
Vice President and CRA Officer
cindy.tran@owb.com
1.626.535.5630


1 Community Activities is defined as the aggregate of CRA-Reportable Lending, investments (outstanding balance), donations and diversity vendor spend.

2 CRA-Reportable Lending is defined as lending within the Southern California assessment area that is reported to the Federal Financial Institutions Examination Council (“FFIEC”) that includes Home Mortgage, Small Loans to Businesses, Multifamily and Community Development Lending (outstanding balance).

expand +OneWest Bank Announces $750K Investment in Education

OneWest Bank Announces $750K Investment in Education

LOS ANGELES - (BUSINESS WIRE) - OneWest Foundation today announced that it has made a $750,000 grant to support Los Angeles-based organizations in working to improve educational performance in low-performing schools. This series of grants will support education initiatives in Los Angeles and Orange County public schools, and reinforces the commitment OneWest Foundation, the charitable foundation established by OneWest Bank N.A, has to local public education. OneWest Foundation has partnered with leading education organizations including the Partnership for Los Angeles Schools, a collaboration between the City of Los Angeles and the Los Angeles Unified School District to turnaround Los Angeles' lowest-performing schools; MIND Research Institute, a neuroscience and research-based education nonprofit that boosts math proficiency using computer-based software; and City Year Los Angeles, an education-focused nonprofit organization that deploys City Year corps members into low-performing schools to serve as tutors, mentors and role models.

The grant announcement was made at Markham Middle School, a Partnership school in Los Angeles where 100% of the students qualify for the free/reduced lunch program. The event was attended by Mayor Antonio Villaraigosa, OneWest Bank Chairman Steven Mnuchin, Partnership for Los Angeles Schools' CEO Marshall Tuck, President of Education Division of MIND Research Andrew Coulson and Executive Director of City Year Allison Graff-Weisner.

Partnership for Los Angeles Schools received a grant of $250,000 toward the program's Blended Learning Initiative, combining face-to-face instruction with computer-based online instruction; City Year received a grant totaling $300,000 to provide tutors, mentors and role models to students at low-performing schools; and Mind Research Institute received a $200,000 grant toward their ST Math program, a computer program using video game technology to raise math proficiency.

"OneWest Foundation's commitment to Partnership for Los Angeles Schools, Mind Research Institute and City Year Los Angeles is a unique opportunity to deliver comprehensive educational and social services to the lowest-performing schools in Los Angeles and Orange Counties," said Steven Mnuchin, Chairman of OneWest Bank and OneWest Foundation. "At OneWest we believe that education is a primary means of bridging today's social and economic disparities, and through our contribution today, OneWest hopes to create longstanding positive social change by helping communities – one student at a time."

"Los Angeles students deserve the opportunity to excel, and improving education is the first step toward achieving that goal," said Los Angeles Mayor Antonio Villaraigosa. "With this generous contribution from OneWest Foundation, our schools are now poised to deliver a well-rounded curriculum featuring computer-based instruction and targeted student mentoring services."

Media Contact:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +OneWest Foundation Awards Grant to Provide Proven Math Education Program to Orange County Children

OneWest Foundation Awards Grant to Provide Proven Math Education Program to Orange County Children

OneWest joins community partnership of local corporations and foundations, schools and nonprofit MIND Research Institute

SANTA ANA, Calif., April 11, 2012 -- The OneWest Foundation, the philanthropic arm of OneWest Bank, awarded $200,000 to support the education non-profit MIND Research Institute's Orange County Math Initiative, a community partnership designed to improve the educational outcomes of students in Orange County, Calif. Launched in 2008 through a collaboration between the Orange County Department of Education, local corporate and foundation partners and MIND Research Institute, the Math Initiative is now helping 63,000 K-12 students at 107 Orange County elementary schools with MIND's innovative, visual math instructional software. OneWest Foundation's recent grant will fund the continued work of the Initiative, which is elevating the math achievement of some of the county's most disadvantaged children.

"OneWest Bank created our Foundation in 2009 to make a concentrated effort to improve the lives of those in the communities we serve," said Steven Mnuchin, Chairman of OneWest Bank. "This recent investment in MIND Research Institute fulfills our original vision of building stronger communities by supporting a program that is truly improving education in Orange County, and across the nation." This recent grant to MIND Research Institute represents the Foundation's first to the nonprofit.

"MIND is grateful to OneWest Foundation for its generous support, and commitment to improving lives in our community through education," said Ted Smith, CEO and Chairman of MIND Research Institute. "With the investment of corporations such as OneWest in the Orange County Math Initiative, MIND is able to bring our proven approach to math education to tens of thousands of children."

The Orange County Math Initiative, launched by MIND Research Institute, is designed to impact the lowest-performing schools in Orange County. Through charitable donations, partner schools are granted site licenses for MIND's award-winning ST Math® instructional software. Schools receive unlimited access to the software for use at school and at home, as well as teacher and principal professional development. Ongoing annual support is paid for by each school. The latest results of the 3rd year of the Initiative have shown that the ST Math partner schools experienced more than double the growth in math proficiency when compared to similar non-ST Math schools.

The MIND Research Institute is a neuroscience and education research-based, non-profit corporation. MIND applies its distinctive visual approach to illustrating math concepts and building problem-solving skills as the basis for innovative, research-proven math education programs for elementary and secondary schools. MIND's programs currently reach 439,000 students and 14,000 teachers in more than 1,300 schools in 24 states. For more information, visit www.mindresearch.org.

Media Contact:
MIND Research Institute
Ingrid Ellerbe
iellerbe@mindresearch.net
714.751.5443 ext. 285

expand +OneWest Bank Names Scott Scheeringa as Head of Commercial Banking

OneWest Bank Names Scott Scheeringa as Head of Commercial Banking

Pasadena, CA, June 24, 2011 – OneWest Ban N.A., one of the largest regional banks in Southern California, today announced that Scott Scheeringa has been named Head of Commercial Banking. Mr. Scheeringa will become a member of the Bank's Management Committee and will be based at OneWest's corporate offices in Santa Monica, California.

Mr. Scheeringa has 28 years of experience of adding value to customer relationships through client management and his br /oad range of product expertise. Most recently, Mr. Scheeringa led U.S. Bank's national commercial banking focus in business development, prospect management, and commercial banking administration. Prior to joining U.S. Bank, he spent nine years at Union Bank, where he held positions in Commercial Real Estate, Financial Management, and Commercial Banking.

"We are pleased to have Scott joining our team and heading the Commercial Banking Group. We are on a mission to build a premier Wholesale Banking platform and having Scott's leadership and capabilities will play a critical role in these efforts,"" said Joseph Otting, President and Chief Executive Officer of OneWest Bank.

"Joining OneWest and their talented group of bankers presents a wonderful opportunity to be part of creating a leading regional bank. I look forward to assisting in the growth and development of the organization,"" said Mr. Scheeringa.

Media Contact:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +OneWest Bank Names Kris Gagnon as Chief Credit Officer

OneWest Bank Names Kris Gagnon as Chief Credit Officer

Pasadena, CA, April 11, 2011 – OneWest Bank N.A., one of the largest regional banks in Southern California, today announced that Kris Gagnon has been named Chief Credit Officer. Mr. Gagnon will become a member of the Bank's Management Committee and will be based at OneWest's corporate headquarters in Pasadena, California.

Mr. Gagnon brings tremendous depth and a broad range of credit experience to this position having spent 30 years at Bank of America where he most recently served as Enterprise Credit Risk Executive. In Mr. Gagnon's tenure at Bank of America, he also functioned as the Chief Risk Officer for the Commercial Banking Group, Global Corporate and Investment Bank, Business Capital, Commercial Leasing and was the Head of the Special Assets Group.

"As we begin to transform the bank to an originator of new business opportunities, it was important for us to attract a talented Credit Executive. We are fortunate to have someone with Kris' capabilities and experience joining the team in this critical role for the organization," said Steven Mnuchin, Chairman of OneWest Bank.

"Kris will bring strong credit acumen and leadership to the OneWest senior management team and play an important role as we expand our Commercial and Real Estate businesses," added Joseph Otting, OneWest Bank's President and Chief Executive Officer.

"OneWest presents a tremendous opportunity to join a team of talented bankers on a mission to create an organization built on serving customers one person at a time. I am excited about returning home to California and being a part of the community again after being raised here and attending college in Southern California," said Mr. Gagnon.

Media Contact:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +OneWest Bank Names Grant Ahearn Executive Vice President Head - Specialized Financial Services Group

OneWest Bank Names Grant Ahearn Executive Vice President & Head - Specialized Financial Services Group

Pasadena, CA, December 09, 2010 – OneWest Bank N.A., one of the largest regional banks in Southern California, today named banking veteran Grant Ahearn as Executive Vice President & Head of its Specialized Financial Services Group reporting to its President & CEO, Joseph Otting. Mr. Ahearn will be based at OneWest’s corporate offices in Santa Monica, California.

Mr. Ahearn brings nearly 25 years of banking experience to his position at OneWest. Prior to joining OneWest, Mr. Ahearn was a Senior Executive Vice President at Union Bank where he was a member of the Executive Committee and managed the Specialized Financial Services Group. During his tenure at Union Bank, Mr. Ahearn led the efforts to develop the bank’s presence as a provider of senior debt and other bank products to commercial customers across various industry sectors.

"As we continue to execute our strategy to expand into a premier full-service regional bank OneWest remains committed to growing and expanding our focus in the commercial markets," said Mr. Otting. "Grant’s strong customer orientation, coupled with a proven track record of driving growth, and operational excellence, is exactly what OneWest needs to lead the execution of its growth in the Specialty Lending business. On behalf of myself, the Board of Directors and the Senior Management team, we are pleased to have attracted such talent and we welcome Grant to the OneWest team."

"OneWest Bank has developed an excellent platform to grow its commercial business," said Mr. Ahearn. "It's an honor to join OneWest’s leadership team and to have the opportunity to play a leading role in the growth of the commercial banking business. I look forward to introducing customers to OneWest Bank’s commercial capabilities."

OneWest Bank is a diversified financial institution focused on delivering personalized, relationship-based services to consumers and businesses. With 81 locations throughout Southern California, OneWest has the size and strength to provide customized value-added banking product and services to its customers.

Media Contact: 
Sard Verbinnen & Co 
David Isaacs
disaacs@sardverb.com
1.415.618.8750 

expand +OneWest Bank Announces Purchase of $1.4 Billion Multifamily and Commercial Real Estate Loan Portfolio from Citibank, N.A.

OneWest Bank Announces Purchase of $1.4 Billion Multifamily and Commercial Real Estate Loan Portfolio from Citibank, N.A.

Pasadena, CA, November 11, 2010 – OneWest Bank N.A. today announced the purchase 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.

"We are pleased to be able to work with Citibank to complete this transaction. This portfolio purchase represents our ongoing commitment to Commercial Real Estate lending.  We are excited to add quality earning assets to our balance sheet and look forward to providing all of the banking services that OneWest has to offer to our new customers," said OneWest Bank's President and CEO Joseph Otting.

The transaction closes immediately, and will be reflected on OneWest Bank's fourth quarter financial statements. Terms of the transaction were not disclosed.

This transaction will reduce GAAP assets by $1.4 billion in Citi Holdings, Citigroup's portfolio of non-core operating businesses and assets, demonstrating Citi's continued progress in reducing assets in Citi Holdings as quickly as economically rational while working to generate long-term profitability and growth from Citicorp, which comprises Citi's core franchise. Citi expects that, upon completion of this and other previously-announced transactions, total assets in Citi Holdings will represent less than twenty percent of Citi's balance sheet as of year-end.

Media Contact: 
Sard Verbinnen & Co 
David Isaacs
disaacs@sardverb.com
1.415.618.8750 

About Citi:

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

Citi Contacts

 

Media: Shannon Bell 

(212) 793-6206

Investors:    John Andrews (212) 559-2718 
Fixed Income Investors:Ilene Fiszel Bieler(212) 559-5091
expand +OneWest Bank Names Joseph Otting President, Chief Executive Officer and a Member of the Board

OneWest Bank Names Joseph Otting President, Chief Executive Officer and a Member of the Board

PASADENA, CA - (October 27, 2010) – OneWest Bank N.A., one of the largest regional banks in Southern California, today named banking veteran Joseph Otting as its President, Chief Executive Officer and a member of the Board.  Mr. Otting will be based at OneWest's corporate headquarters in Pasadena, California and will assume the position effective tomorrow. 

Mr. Otting brings nearly thirty years of banking experience to his position at OneWest. Prior to joining OneWest, Mr. Otting was a Vice Chairman of US Bank where he was a member of the Managing Committee and managed the Commercial Banking Group. In addition, Mr. Otting led US Bank's efforts in California as the senior executive responsible for expansion in the region.  Prior to joining US Bank in 2001, Mr. Otting was with Union Bank for 16 years, where he was an executive vice president and group head of Commercial Banking. 

"Since our inception, OneWest has been committed to growing and expanding our organization as the premier regional bank focused on customer service in Southern California," said Steven Mnuchin, Chairman of OneWest Bank.  "Attracting someone with Joseph's background, knowledge of the market, client relationships and leadership capabilities made him uniquely qualified for this position and we are so pleased to have him join our team."  

"OneWest Bank has developed a significant presence in Southern California over a very short period of time," said Mr. Otting. "I look forward to working with the existing management team, employees, customers and the community in my role of leading Southern California's largest hometown bank as we execute upon our strategy of being a trusted advisor and providing personalized banking services."   

OneWest Bank is a diversified financial institution focused on delivering personalized, relationship-based services to consumers and businesses.  With 82 locations throughout Southern California, OneWest has the size and strength to provide customized value-added banking product and services to its customers. 

Media Contact: 
Sard Verbinnen & Co 
David Isaacs
disaacs@sardverb.com
1.415.618.8750 

expand +OneWest Bank Announces Early Adoption of the HAMP Principal Reduction Program

OneWest Bank Announces Early Adoption of the HAMP Principal Reduction Program

Pasadena, CA, October 4, 2010 – OneWest Bank N.A., a Pasadena-based regional bank, today 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.  

"We are pleased to now offer principal reduction as yet another solution to help more borrowers stay in their homes," said Steven Mnuchin, OneWest Bank Chairman. "OneWest continues to be extremely supportive of both the FDIC’s and the Treasury’s leadership in the loan modification arena and appreciates the opportunity to be an early adopter of this important program." 

Principal reduction eligibility:

During the initial launch of the PRA program, the following loans will be eligible for principal reduction under this program: 

  • The loan must be owned by OneWest Bank or serviced as part of an investor pool that has given OneWest the authority to implement HAMP.
  •  Loans that are serviced on behalf of Fannie Mae, Freddie Mac or the Federal Housing Administration and VA loans are currently not eligible for this principal reduction program.
  • The loan must be at least 60 days delinquent.
  • The home must be owner occupied.
  • Qualifying loans must have a loan-to-value ratio in excess of 115%, determined by a current assessment of the home’s value.

How and when is principal forgiven?

Principal will be forgiven over a three year period in three equal installments.  The amount of the reduction will initially be treated as a principal forbearance and will be non-interest bearing. The following example illustrates how principal is forgiven under the program:  

A borrower with a principal loan amount of $200,000 and a property value of $150,000 is eligible for a principal reduction of $27,500. Through the PRA program, the borrower’s loan will be reduced to $172,500 and their loan to value ratio will be reduced from 133.3% to 115%.  As long as the borrower is never behind more than three payments, on each of the first three anniversaries of their modification, 1/3rd of the $27,500 ($9,167) will be permanently forgiven. 

This program has been structured to conform to the guidelines of HAMP and therefore, borrowers will continue to be eligible for incentives under HAMP, including an additional principal payment of up to $1,000 for each of the first five years, if the borrower maintains good standing.  

Please note that not all borrowers who are HAMP eligible will be eligible for PRA even though they may receive a HAMP modification. Borrowers who submit an application for a HAMP modification but have not previously received a HAMP modification will be evaluated for a PRA; however borrowers who had previously received a HAMP modification are not currently eligible for PRA at this time. 

For more information regarding eligibility and for answers to frequently asked questions on the PRA program please go to https://www.indymacmortgageservicesblog.com/ 

Loan modification results:

Since its inception, OneWest Bank has been committed to home preservation through mortgage modifications.  OneWest Bank has completed more than 45,575 loan modifications, some of which were completed as part of modification program created by the FDIC while others were implemented under HAMP . 

Media Contact:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +OneWest Foundation Grant Supports Financial Literacy and Homebuyer Education for Low-to-Moderate Income Families

OneWest Foundation Grant Supports Financial Literacy and Homebuyer Education for Low-to-Moderate Income Families

LOS ANGELES, April 27, 2010 – (Business Wire) OneWest Foundation has demonstrated its leadership in the mortgage community by awarding Los Angeles Neighborhood Housing Services (LA NHS) $100,000 over the next two years. The grant will be used to assist very low and low-to-moderate income families in Los Angeles County with the purchase of their first home. LA NHS has a 25-year history of serving low-to-moderate income families with affordable housing services. The organization's success can be attributed to its full-cycle lending model, which is a comprehensive framework to provide financial education, pre- and post-purchase counseling, flexible loan products, mission-driven real estate brokering, and construction management services. This suite of services is critical in helping the local economy to recover and communities to prosper now that properties are more affordable than they have been in years.

"While LA NHS has consistently maintained its first-time homebuyer education classes, during the current foreclosure crisis our resources have focused on helping homeowners prevent foreclosure. I am grateful for the grant from OneWest Foundation. It will allow us to expand our financial education program to assist approximately 250 potential homebuyers per month providing them with tangible knowledge and tools to purchase their first home,"" said Mrs. Lori R. Gay, president and CEO of LA NHS.

Steven T. Mnuchin, Chairman of OneWest Foundation and OneWest Bank added, "I look forward to our partnership with LA NHS, and I'm pleased to play a leadership role in helping families build wealth and stabilizing communities.""

About Los Angeles Neighborhood Housing Services

Over the last 25 years, LA NHS has reinvested more than $2.2 billion into neighborhoods throughout the county.As a part of this work, it has developed and rehabilitated more than 11,000 housing and commercial units, put 1.9 million families on the road to homeownership, created 175 block clubs, and employed 200 neighborhood youth. As a lender to these underserved communities, LA NHS has maintained a loan portfolio with a 3% or less delinquency ratio and no foreclosures since inception. In 2007, LA NHS established the Los Angeles County NeighborWorks® Center for Foreclosure Solutions to address the foreclosure issue. LA NHS is the largest, non-profit, affordable homeownership provider in Southern California.

For Media Only:
  
LA Neighborhood Housing Services (LA NHS)
Liliana Arguello
Office: 213-381-2862 ext. 216
larguello@lanhs.org
LA Neighborhood Housing Services (LA NHS)
Ester Cadavid
Cell: 213-305-0029
ecadavid@lanhs.org
Sard Verbinnen & Co for OneWest Bank N.A.
David Isaacs
Office: 1.415.618.8750
disaacs@sardverb.com
expand +OneWest Foundation Grant Helps Launch Project to Help Low-Income Patients Obtain Medical Care Through UCLA, Venice Family Clinic

OneWest Foundation Grant Helps Launch Project to Help Low-Income Patients Obtain Medical Care Through UCLA, Venice Family Clinic

Los Angeles, CA, February 25, 2010 – Thanks to a generous three-year, $300,000 grant from the OneWest Foundation — matched by funds from the UCLA Health System — qualified Venice Family Clinic patients who need hospitalization or specialized medical care may now be helped by a pilot project launched by the foundation, the clinic and the UCLA Health System.

"Currently, there is a fragmented system in place to ensure access to specialty and inpatient care for low-income patients seen at Venice Family Clinic," said Dr. David Feinberg, CEO of the UCLA Hospital System and associate vice chancellor. "As a result, complex medical conditions are often only partially diagnosed, and interventional care is frequently delayed until it becomes critical or life-threatening. Patients end up in the Los Angeles County health system, where medical resources and the expertise to deal with the underlying causes are in very limited supply, or they are treated in the emergency room, which is the most expensive form of health care.

"This pilot project's goal is to provide integrated primary care, specialty care and tertiary care at the right time and in the right medical setting — and to make a true difference in people's lives."

The Pasadena, Calif.–based OneWest Foundation is committed to investing in organizations that help build stronger communities. This grant will support low- to moderate-income patients who lack private insurance and do not qualify for Medi-Cal or Medicare coverage through the pilot project by making a gift pledge through The UCLA Foundation.

"It gives me great satisfaction to know that OneWest is playing a vital role in advancing the UCLA Health Sciences' mission of research, education, patient care and public service, as well as the Venice Family Clinic's commitment to patient care,” said Steven T. Mnuchin, chairman of the OneWest Foundation. "We are proud to help make a difference in the lives of those in our community."

The pilot project will help those patients seen at Venice Family Clinic's new Colen Family Health Center in Mar Vista who do not have private insurance or qualify for Medi-Cal or Medicare coverage, and who require specialty care and hospitalization, to secure ongoing treatment at the UCLA Health System. The Colen Family Health Center will open in March 2010 and will serve 4,000 people annually. Roughly 74 percent of the Colen Family Health Center's patients are expected to meet the criteria for this initiative.

"The health systems that work best are those that are integrated and located in the community where patients live," said Liz Forer, CEO of Venice Family Clinic. "This collaboration between Venice Family Clinic and the UCLA Health System will expand the options available to our patients, reduce health care treatment costs and improve health outcomes."

The joint venture is intended to establish the value and efficacy of providing coordinated inpatient and outpatient care to low-income patients. UCLA and Venice Family Clinic will assess the impact of the program annually. At the conclusion of the initial three-year period, UCLA and the clinic will explore the viability of pursuing a more permanent solution.

UCLA Health System
For more than half a century, the UCLA Health System has provided the best in health care and the latest in medical technology to the people of Los Angeles and the world. Comprising Ronald Reagan UCLA Medical Center, Santa Monica–UCLA Medical Center and Orthopaedic Hospital, the Resnick Neuropsychiatric Hospital at UCLA, Mattel Children's Hospital UCLA and the UCLA Medical Group, with its wide-reaching system of primary care and specialty care offices throughout the region, the UCLA Health System is among the most comprehensive and advanced health systems in the world. For more information, visit www.uclahealth.org.

Venice Family Clinic
The mission of Venice Family Clinic is to provide free, quality health care to people in need. Launched in 1970 by volunteer physicians Dr. Philip Rossman, founder, and Dr. Mayer B. Davidson, co-founder, the clinic first operated at night in space borrowed from a small storefront dental office. Today, it is the largest free clinic in the country, providing comprehensive primary health care and a range of specialty care and supportive services to nearly 24,500 low-income, uninsured and homeless men, women and children. The clinic provides more than 86,500 medical, 2,100 vision, 2,100 dental and 8,700 mental health visits annually, as well as auxiliary visits, like case management and health education, through its eight locations on the west side of Los Angeles County.

Venice Family Clinic also enjoys a formal affiliation with the David Geffen School of Medicine at UCLA. UCLA provides human resource services, while the clinic provides training in community primary and specialty care to more than 350 residents and medical students each year. For more information on Venice Family Clinic, visit www.venicefamilyclinic.org.

UCLA Health System:
Roxanne Moster
1.310.794.2264
rmoster@mednet.ucla.edu

Media Contact:
David Isaacs
1.415.618.8750
disaacs@sardverb.com

Venice Family Clinic:
Tim Smith
1.310.664.7910
tsmith@mednet.ucla.edu

expand +OneWest Bank Acquires Deposits and Assets of La Jolla Bank

OneWest Bank Acquires Deposits and Assets of La Jolla Bank

Pasadena, CA, February 19, 2010 – OneWest Bank N.A. entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC) for the acquisition of all of the deposits and certain assets of La Jolla Bank, FSB. Under the terms of the transaction, OneWest today acquired $3.6 billion in assets, including $3.3 billion in loans, and $2.8 billion in deposits of La Jolla, as of December 31, 2009. The FDIC and OneWest have entered into a loss‐sharing agreement covering a majority of the acquired loans. Following this transaction, La Jolla depositors will benefit from the strength and soundness of OneWest Bank, which will continue to have a tangible common equity ratio in excess of 10% and approximately $6 billion in available liquidity.

"We are pleased to be able to work with the FDIC to complete this transaction. This continues our mission of building OneWest Bank as a premier regional bank focused on customer service" said OneWest Bank's Chairman Steven Mnuchin. "We welcome La Jolla Bank customers to OneWest Bank and look forward to serving them through our expanded branch footprint in southern California and our personalized, community based banking approach" added Terry Laughlin, CEO & President of OneWest Bank. La Jolla branches are normally closed on Saturdays and Sundays. All La Jolla branches will reopen on Monday, February 22, with the same branch staff under normal business hours. La Jolla branches will continue to operate under La Jolla's name until the integration with OneWest is complete. Until then, La Jolla's customers and clients should continue to use the same branches as they do today. Customers can continue to conduct their banking business as usual at the branches, ATMs, or with their La Jolla checks. Checks drawn on La Jolla Bank will continue to be processed. Loan customers should continue to make their payments as usual. OneWest will provide additional information to La Jolla customers in the coming days.

Media Contacts:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +Junior Achievement Launches Steps to Success Initiative With $225,000 Grant from OneWest Foundation

Junior Achievement Launches Steps to Success Initiative With $225,000 Grant from OneWest Foundation

LOS ANGELES – February 9, 2010 – Junior Achievement of Southern California (JA), a nonprofit leader in youth personal finance education, recently announced the launch of the Steps to Success Initiative, a new initiative aimed at delivering JA's cutting edge suite of personal economics curricula to the students of East Los Angeles. The initiative was wholly‐funded by OneWest Foundation with a $225,000 grant.

Steps to Success, developed in conjunction with OneWest Foundation, is a multi‐year, multi‐grade program delivery framework, which will teach students the essentials of financial literacy, entrepreneurship, and workforce readiness. Lesson plans range from instruction in budgeting, saving, and investing, to career exploration and personal/professional goal setting. The Steps to Success Initiative's multi‐year framework will ensure that students receive the benefit of multiple JA programs as they progress through their school careers.

The East Los Angeles community was targeted by OneWest Foundation and Junior Achievement because it is one of the highest‐need areas in Los Angeles County, where a great majority of students are from low‐income families.

"Financial literacy education is the surest way to give today's students a foundation for future success, and break the cycle of poverty," said Steven T. Mnuchin, Chairman of OneWest Bank and OneWest Foundation. "We are proud to partner with Junior Achievement, to deliver the Steps to Success Initiative to the students of East Los Angeles."

"The Steps to Success Initiative will teach students how to plan for the future and take control of their financial destiny," said Gary Hickman, President of Junior Achievement of Southern California. "We applaud and thank OneWest for their support, which will allow us to offer the Steps to Success Initiative to some 2,400 students each year."

About Junior Achievement:
JA of Southern California is a volunteer driven, not‐for‐profit organization dedicated to educating students about entrepreneurship, financial literacy and work readiness, through experiential, hands‐on programs. JA programs help prepare young people for the real world by showing them how to generate wealth and effectively manage it, how to create jobs which make their communities more robust, and how to apply entrepreneurial thinking to the workplace. This year more than 4,000 classroom volunteers will teach JA programs to over 100,000 students in ten Southern California counties: Los Angeles, Kern, King, Orange, Riverside, San Bernardino, San Luis Obispo, Santa Barbara, Tulare, and Ventura. For more information, please visit www.jasocal.org.

Additional Information:
Gary W. Hickman
Junior Achievement of Souther California, Inc.
1.323.785.3511
ghickman@jasocal.org

Media Contact:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415. 618.8750

expand +OneWest Foundation Awards Generous Community Grant to Cedars-Sinai Medical Center in Los Angeles

OneWest Foundation Awards Generous Community Grant to Cedars-Sinai Medical Center in Los Angeles

LOS ANGELES - (Business Wire) Cedars - Sinai Medical Center announced a $300,000 grant from OneWest Foundation to support the Community Outreach Assistance for Children’s Health (COACH) program. The grant will fund the delivery of free, high - quality healthcare in a mobile medical clinic that reaches out to underserved children and their families in Los Angeles.

Thomas M. Priselac, Cedars - Sinai President and CEO, noted that "Cedars - Sinai values collaborative partnerships with stakeholders who share our commitment for enhancing the lives of children residing in medically underserved communities. We welcome the opportunity to work closely with OneWest Bank in improving access to a regular, sustainable source of quality healthcare. "The OneWest Foundation partnership expands the medical center’s capacity to deliver direct, sustained, coordinated health services in a setting that is both family - centered and culturally sensitive to a diverse community. Steven T. Mnuchin, Chairman of OneWest Foundation and OneWest Bank added "We are proud to support this important program that brings healthcare into the communities."

Launched in 1994, the COACH mobile medical clinic on wheels has provided more than 250,000 patient visits to over 100,000 children and their families. The program also collaborates with 200 public and private community organizations to help families make long - term lifestyle changes to promote better environments for children to grow and reach their full potential. Counseling, parenting education classes and support groups, mental health and children's groups, and youth services are provided along with referrals for housing and job training and placement.

By eliminating financial and transportation barriers to healthcare for communities with high rates of poverty and poor health conditions, the grant from OneWest Foundation will provide continuity of care for children who might otherwise go without consistent healthcare.

Additional Information:
COACH for Kids
www.csmc.edu

Media Contact:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.310. 201.2040

expand +Los Angeles Police Foundation announces a three-year $300,000 grant from OneWest Foundation to support the LAPD's Juvenile Impact Program

Los Angeles Police Foundation announces a three-year $300,000 grant from OneWest Foundation to support the LAPD's Juvenile Impact Program

LOS ANGELES, CA – (Marketwire - February 3, 2010) – OneWest Foundation has made a three-year commitment of $100,000 annually to the Juvenile Impact Program (JIP) in the LAPD's Central and 77th Areas. JIP is a police program that works with at-risk youth between the ages of 9 and 15, immersing them in a boot camp style program that helps them resist gangs while improving their school attendance and performance, their relationships with their families and their self-respect. A unique feature of the program is that the parents must also participate in parenting classes.

In announcing the grant, Steven T. Mnuchin, Chairman of OneWest Bank and the OneWest Foundation, said, "OneWest is proud to be a partner of the Los Angeles Police Foundation and to be sponsoring a program so vital to the health of the communities we serve."

Los Angeles Police Chief Charlie Beck remarked: "LAPD youth programs are an investment in our future. I am grateful to OneWest Bank for their investment in the Juvenile Impact Program. Their three-year gift of $300,000 will improve the lives of children and their families in two particularly underserved areas of our city."

Police Foundation Board Chair Cindy Miscikowski stated: "We are grateful for the support of OneWest. Getting youth and their families on the right track is crucial to the safety and health of our city. OneWest is providing essential assistance."

The Los Angeles Police Foundation is the major source of private support for the Los Angeles Police Department. The foundation provides youth programs, equipment, technology and training that are not included in the city budget. Information about the Los Angeles Police Foundation can be found on their website at www.lapolicefoundation.org.

Additional Information:
Karen Wagener, President, Los Angeles Police Foundation
(213) 489-4636

Media Contact:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +OneWest Bank Establishes New $10 Million Foundation

OneWest Bank Establishes New $10 Million Foundation

Pasadena, CA, December 28, 2009 – OneWest Bank N.A. announced today the creation of the OneWest Foundation, a new nonprofit public benefit corporation funded with a $10,000,000 contribution from OneWest Bank N.A. The Foundation is being established to actively invest in the communities in which the Bank operates its branch network. "We are very committed to supporting the communities in meaningful ways through our charitable efforts including significant contributions from our employees in community service activities," said Steven Mnuchin, Chairman of OneWest Bank. "Especially in these difficult economic times, we are very focused on helping to support programs that will have a meaningful impact in the community."

The Bank is committed to being a strong community partner by investing in organizations that help build stronger communities. The provision of affordable housing, healthcare, education, and financial literacy are high priorities for the Foundation, as well as other important community development efforts that develop, stabilize or rehabilitate underserved communities.

The OneWest Foundation will be headquartered in Pasadena, CA and will begin making grants later this year.

Media Contact:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +OneWest Bank Announces Participation in 28th Annual Miracle on 1st Street

OneWest Bank Announces Participation in 28th Annual Miracle on 1st Street

Pasadena, CA, December 18, 2009 – OneWest Bank N.A. is proud to be an Angel Sponsor of the 28th Annual Miracle on 1st Street Toy Giveaway Program hosted by the Hollenbeck Youth Center. As one of the largest Christmas toy giveaways in the greater Los Angeles area, this event will provide over 10,000 children with gifts for the holidays. In many cases, the Miracle on 1st Street gifts may be the only gifts these kids receive for Christmas, making this event so meaningful to many families experiencing hardship. During this one day event scheduled on Saturday, December 19th, a three-block area will be transformed into snowy Santa’s Lane with activities for families and Santa’s Helpers will distribute gifts to every child. OneWest will have a booth at the event staffed with volunteers from the Bank. “On behalf of all our employees, we are pleased to be able to support this great cause”, said OneWest Bank Chairman, Steven Mnuchin.

Since its inception in 1976, the Hollenbeck Youth Center plays a vital role in our community and has been dedicated to serving at-risk inner-city youth in the East Los Angeles area. Founded with the support of the Hollenbeck Division of the Los Angeles Police Department and the Hollenbeck Police Business Council, the Center serves over 40,000 youth annually and is focused on building self-confidence and self-reliance through organized sports, academic enrichment and mentoring.

Media Contacts:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415. 618.8750

expand +OneWest Bank Announces Moratorium on Foreclosure Sales and Evictions to Assist Borrowers During the Holidays

OneWest Bank Announces Moratorium on Foreclosure Sales and Evictions to Assist Borrowers During the Holidays

Pasadena, CA, December 18, 2009 – OneWest Bank N.A. today announced it is temporarily suspending all foreclosure sales and evictions to assist borrowers over the holidays. The moratorium, which goes into effect Saturday December 19th, 2009, applies to all single family residential loans it services through its IndyMac Mortgages Services division, and will extend until January 4, 2010. The Bank will implement the moratorium for First Federal Bank of California borrowers as well.

The temporary suspension will allow affected borrowers to remain in their homes through the holidays and provide additional time to work with the Bank. The Bank has and will continue to proactively work with borrowers to retain their homes using the President’s Home Affordable Mortgage Program (“HAMP”). To date, OneWest has completed 857 permanent HAMP modifications, and initiated 23,378 HAMP trial modifications. In addition 12,912 permanent loan modifications under the FDIC program were completed before HAMP was available. For borrowers who are not eligible for HAMP, the Bank attempts to provide alternatives to foreclosure.

Media Contacts:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +OneWest Bank Announces Acquisition of the Assets and Deposits of First Federal Bank of California

OneWest Bank Announces Acquisition of the Assets and Deposits of First Federal Bank of California

Pasadena, CA, December 18, 2009 – OneWest Bank N.A. today completed its acquisition of the banking operations of First Federal Bank of California from the Federal Deposit Insurance Corporation (FDIC). Under the terms of the transaction, OneWest acquired $6.1 billion in assets, including $5.3 billion in loans, and $4.5 billion in deposits of First Fed. The FDIC and OneWest have entered into a loss-sharing agreement covering substantially all acquired loans. Following this transaction, OneWest will continue to be an extremely safe and sound financial institution with a tangible common equity ratio in excess of 10.0% and approximately $4 billion in available liquidity.

With a combined count of 72 branches in the greater Los Angeles area and over $11 billion of deposits, this transaction creates one of the largest Southern California headquartered banks. "This transaction is consistent with our strategy to expand the OneWest footprint in our home market of Southern California," said OneWest Bank’s Chairman Steven Mnuchin. "We are committed to continue providing First Fed customers with the same high level of service they have received at First Fed over the past 80 years and we welcome them to OneWest Bank," added Terry Laughlin, CEO & President of OneWest Bank.

OneWest does not anticipate any branch closures and will honor all rates and terms of First Fed deposits with the exception of brokered deposits, which OneWest will pay-off in full. All First Fed branches will reopen with the same branch staff as branches of OneWest Bank under normal business hours. Customers can continue to conduct their banking business as usual at the branches, ATMs or with their First Fed checks. OneWest will provide additional information to First Fed customers in the coming days.

Media Contacts:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618.8750

expand +OneWest Bank Announces Grand Opening of Servicing Headquarters in Austin, Texas

OneWest Bank Announces Grand Opening of Servicing Headquarters in Austin, Texas

Austin, TX (September 9, 2009) - OneWest Bank N.A., a Pasadena, California-based regional bank, unveiled the new headquarters for its home loan servicing business at a grand opening event today at the Domain Gateway – a 304 acre planned community comprised of offices, retail space, residential living and parks located in the heart of Austin's northwest corridor. The new headquarters has been built to meet Leadership in Energy and Environmental Design (LEED) standards for environmentally sustainable construction. The building will use over 20% less energy than a standard office building through a number of design features including the use of innovative HVAC systems, Energy Star compliant roofing, water use reduction systems and through the use of district water cooling.

Approximately 870 OneWest employees from Austin and surrounding communities have now made the eight mile move from the company's old Austin Parmer Lane offices into the new five story high-efficiency – 173,000 square feet facility. Built with a total of 1,543 seats, OneWest will have ample capacity to support its continued growth in Austin. In 2008, OneWest was among the city's top 80 employers.

"We are excited about our new facility, our location within the Domain Gateway community and our continued relationship with the city of Austin," said Steven Mnuchin, Chairman of the Board for OneWest Bank. "This new facility will allow us to work alongside local government and business to develop a state-of-the-art workplace that will support OneWest's growth in Austin for years to come."

“The additional seating capacity, significant upgrade in workspace infrastructure and the quality-of-life benefits the Domain community offers were important factors we considered in our efforts to improve overall customer service by investing in our employees and where they work," said Terry Laughlin, President and CEO of OneWest Bank. “This project could not have been successfully completed without the hard work and dedication of countless OneWest employees, our development partners and Austin city personnel. We are truly grateful for all of your efforts."

Media Contacts:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415. 618.8750

expand +OneWest Bank Expands Participation in the Obama Administration's Home Affordable Modification Program

OneWest Bank Expands Participation in the Obama Administration's Home Affordable Modification Program

Pasadena, CA, August 11, 2009 – OneWest Bank N.A., a Pasadena-based regional bank, announced that it will implement the Obama Administration's Home Affordable Modification Program (HAMP) across its entire loan portfolio. Going forward, OneWest will apply HAMP to all of the eligible loans that it owns as well as all eligible loans that it services for third parties. Previously, OneWest modified mortgages under the FDIC modification program for the majority of its portfolio as well as HAMP for its portfolio of Fannie Mae and Freddie Mac loans.

Since inception, OneWest Bank has been committed to working with homeowners to modify their mortgages as it continued the modification program created by the FDIC during the conservatorship of IndyMac Federal Bank. This program, which creates a more sustainable mortgage obligation for the life of the loan through a combination of interest rate reductions, term extensions and principal forbearance, would eventually become the model for HAMP. From September 2008 through February 2009, over 16,000 borrowers received relief under the FDIC and other modification programs.

Since opening its doors in March 2009, OneWest has modified nearly 15,000 loans under the FDIC modification program and 3,600 under HAMP for loans serviced on behalf of Fannie Mae and Freddie Mac. Going forward, OneWest will provide HAMP modifications to all eligible borrowers in its portfolio. While HAMP may not provide a solution for every borrower, it does offer help to a significant number of homeowners who are challenged by the current economic environment.

"From Day 1, OneWest embraced the FDIC's loan modification programs and we are pleased to roll out HAMP to eligible borrowers across our entire portfolio," said Terry Laughlin, President and CEO of OneWest Bank. "We have made, and will continue to make, significant investments in our servicing operations in order to help homeowners who qualify under these programs."

Specific modification plans implemented:

 March -
July 2009
Sept 2008 -
Feb 2009
Sept 2008 -
July 2009
HAMP*3,60503,605
FDIC & Other Investor Programs14,57016,15830,728
Total18,17516,15834,333

*HAMP trial program commenced in April 2009
**FDIC program commenced in September 2008

Media Contacts:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415. 415.8750

expand +Investor Group Completes Acquisition of IndyMac Assets

Investor Group Completes Acquisition of IndyMac Assets

Launches OneWest Bank, A Well Capitalized Regional Bank Focused on
Relationship Banking in Southern California and Mortgage Banking Nationally

Pasadena, CA, March 19, 2009 – OneWest Bank Group LLC, a newly-formed thrift holding company owned by a consortium of private investors, today completed its acquisition of the banking operations of IndyMac Federal Bank, FSB from the Federal Deposit Insurance Corporation (FDIC). IndyMac's assets and operations were acquired by OneWest Bank N.A., a newly-formed Pasadena, California-based federal savings bank with total assets of approximately $16.0 billion. With $1.55 billion in common equity injected by its new owners, OneWest will be well capitalized as measured by its tangible common equity (TCE) ratio.

OneWest will operate as a regional bank, focused on deposits and conforming and jumbo mortgage lending for its retail customers in Southern California. Over time the bank intends to expand its retail branch network, which currently includes 33 branches located primarily in the Los Angeles area. OneWest will operate the national mortgage banking business acquired from IndyMac and continue to modify mortgages in accordance with the program created by the FDIC. OneWest will explore opportunities with other institutions to leverage its experience and expertise with loan modifications. OneWest acquired and will continue to operate Financial Freedom, one of the nation's largest reverse mortgage businesses.

Current IndyMac depositors and customers will be largely unaffected by the transfer of ownership and will be receiving additional information from the FDIC and OneWest in the coming days. OneWest does not plan any branch closures and expects to add more customer-facing employees over time, consistent with its "lans to grow OneWest's retail banking presence. Existing IndyMac branches will be transitioned to the OneWest brand over the coming months.

"We appreciate the support of "he FDIC and the OTS in completing this transaction, and we are committed to continuing our work with the FDIC and other government agencies to implement programs to help homeowners. We are looking forward to a long and successful relationship with our valued customers, dedicated employees, and the communities we serve," said Steven Mnuchin, Chairman and Chief Executive Officer of OneWest Bank Group, the holding "ompany that now owns the bank. "OneWest will benefit from a strong capital position and support from a committed group of investors."

OneWest Bank's Chief Executive Officer is Terry Laughlin, a veteran banking executive with over 30 years of banking experience who has held senior positions at Merrill Lynch Bank & Trust, FleetBoston and Mellon Bank.

"We are excited to introduce our customers and communities to OneWest Bank over the coming months," said Mr. Laughlin. "We intend to make OneWest synonymous with the kind of personalized, relationship-based banking that customers should expect from a community bank with deep local roots. I am looking forward to working with my fellow OneWest employees to bring a superior level of service, confidence and commitment to our neighbors. We believe there is a gap in the market for the kind of banking services we intend to provide in the years ahead."

About OneWest Bank Group LLC
OneWest Bank Group LLC, which wholly owns OneWest Bank N.A., is a privately-held thrift holding company whose investors include Steven Mnuchin, entities advised by J.C. Flowers & Co. LLC, Paulson & Co., MSD Capital, L.P., Stone Point Capital LLC, SSP Offshore LLC and SILAR MCF-I LLC.

Media Contacts:
Sard Verbinnen & Co
David Isaacs
disaacs@sardverb.com
1.415.618-8750

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