OneWest Bank, the savings and loan created last year from the assets of failed IndyMac Bancorp, announced Wednesday that it has hired Joseph Otting as chief executive.
Prior to joining the Pasadena thrift, Otting was vice chairman and head of commercial banking for U.S. Bank. The banking veteran relocated from U.S. Bank’s Minneapolis headquarters to Los Angeles in 2008 to lead the bank’s Southern California expansion, which was driven by the acquisition of several failed institutions, including California National Bank.
Otting will also join OneWest’s board.
“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,” said OneWest Chairman Steven Mnuchin in a statement.
Terry Laughlin had served as OneWest’s chief executive before stepping down in June to join Bank of America Home Loans, the banking giant’s Calabasas-based mortgage lending division created following its acquisition of Countrywide Financial Corp.
With nearly $28 billion in assets, OneWest is the largest depository institution headquartered in Southern California. The thrift was formed in March 2009 after a group of investors acquired IndyMac, which had been closed by regulators in 2008.
OneWest, which now has 82 branches, has acquired two failed competitors in the past year: First Federal Bank of California and La Jolla Bank.
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