OneWest Bank FSB on Monday announced the creation of non-profit corporation that will invest in organizations that help build stronger communities in areas served by the bank.

OneWest Foundation, which like the bank will be based in Pasadena, will be funded with $10 million from the bank and will support efforts to provide affordable housing, health care, education, and financial literacy services in underserved communities, bank Chairman Steven Mnuchin said.

“We are very focused on helping to support programs that will have a meaningful impact in the community,” Mnuchin said in a statement.

The OneWest Bank holding company, created a year ago from the assets of failed mortgage lender IndyMac Bank, earlier this month acquired First Federal Bank of California when it failed. The acquisition doubled OneWest’s branches to 72 and increased total assets by a third to $24 billion.

OneWest’s investors include investment firm J.C. Flowers & Co., hedge fund Paulson & Co., computer mogul Michael Dell’s investment vehicle MSD Capital, and a fund controlled by billionaire investor speculator George Soros.