Pasadena savings and loan OneWest Bank has acquired the assets of La Jolla Bank, which was closed by regulators late Friday.
This is second acquisition in as many months for the OneWest, which was created last year from the ashes of failed IndyMac Bank. In December, the thrift bought FirstFed Financial Corp. after it was closed by the Office of Thrift Supervision.
OneWest acquired $3.31 billion of La Jolla Bank’s assets, including all 10 of its branches, which will reopen Monday under new ownership. OneWest also acquired all $2.8 billion of the failed institutions deposits. The bank had headquarters in La Jolla.
The Federal Deposit Insurance Corp., which was appointed receiver for La Jolla Bank and sold the bank’s assets to OneWest, said the failure will cost its insurance fund approximately $882 million.
OneWest, L.A.’s largest depository institution, had assets of $23.3 billion as of Dec. 31, according to its quarterly report released Friday by the OTS. The figure does not include assets acquired in the FirstFed deal.
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