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.
Sard Verbinnen & Co