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One West Bank

Article Submitted by: BankMan
Banks


One West Bank is the new name for IndyMac Federal Bank, which was recently sold to a consortium of investors. The new bank has $16 billion in assets.

 

Submitted: Jun 12, 2009    Views: 2126    Comments: 3    Likes: 2   


OneWestBankOne West Bank is the new name for Indymac Federal Bank, which was recently sold to a consortium of investors. The consortium is headed by Steven Mnuchin of Dune Capital Management in New York and also includes J. Christopher Flowers, who has specialized in distressed bank purchases, and hedge fund operators George Soros and John Paulson.  

The investors have injected $1.5 billion into the bank on top of the $10.5 billion paid by the FDIC. That raises the banks tangible common equity to over 9% versus an industry average of 4-6% range.  The government will also share in future loan losses.

From an online standpoint One West is very similar to the old Indymac, which was known for offering competitive rates.  The website is basically a rebranded Indymac site and the online accounting opening process is the same. Applications are taken online.  Once the application is submitted the rate locks for CDs.  At the end of the application, you'll be able to initiate an ACH request to fund the account.  According to the CSR, it takes only 1 business day to transfer the funds. A signature card is sent out and it must be returned at some point but the account can be opened and funded before this is done.  Joint accounts are fully supported online.

The bank also seems to be committed to keeping competitive rates is as of today (June 12) is offering a the top 18-month CD rate. They are also offering a 12-month IRA CD paying 2.25% APY.


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Comments Received:

Fedup
(Unregistered)

What is one west doing for home owners????
Modification applications are taking over 90 days to be reviewed and at the end of the 90 days they tack on an additional 30 days. Are they collecting homes for resale???? They seem to be doing a very poor job of servicing loans outside of CA.Homeowners who were indymac employees seem to be left out in the cold or heat depending on your location. One West has very poor customer service and dont seem to care about helping homeowners avoid forclosure. Have you had any issues?

Posted: Sep 2, 2009

michele
(Unregistered)

I too, are having a hard time with my loan modification with one west. I think they are collecting houses. It's been a year,and still nothing.

Posted: Oct 23, 2009

Ryan
(Unregistered)

One West Bank is taking homes and not working with people who are trying to keep their homes. Is there anyone who will oversee the abused authority of tax payers dollars that One West Bank is utilizing to take peoples homes? It is not the peoples fault in the first place that the banks went broke it was the banks fault. Please help the people?

Posted: Oct 28, 2009



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