Pasadena, CA, November 11, 2010 – OneWest Bank N.A. today announced the purchase of a $1.4 billion multifamily and commercial real estate loan portfolio from Citibank, N.A. The portfolio, which includes approximately 600 loans, is a strategic addition to OneWest Bank’s growing Commercial Real Estate lending business.
“We are pleased to be able to work with Citibank to complete this transaction. This portfolio purchase represents our ongoing commitment to Commercial Real Estate lending. We are excited to add quality earning assets to our balance sheet and look forward to providing all of the banking services that OneWest has to offer to our new customers,” said OneWest Bank’s President and CEO Joseph Otting.
The transaction closes immediately, and will be reflected on OneWest Bank’s fourth quarter financial statements. Terms of the transaction were not disclosed.
This transaction will reduce GAAP assets by $1.4 billion in Citi Holdings, Citigroup’s portfolio of non-core operating businesses and assets, demonstrating Citi’s continued progress in reducing assets in Citi Holdings as quickly as economically rational while working to generate long-term profitability and growth from Citicorp, which comprises Citi’s core franchise. Citi expects that, upon completion of this and other previously-announced transactions, total assets in Citi Holdings will represent less than twenty percent of Citi’s balance sheet as of year-end.
About OneWest Bank N.A.
OneWest Bank N.A. is one of the largest Southern California headquartered banks and is focused on delivering personalized, relationship-based banking to its customers. The bank has 82 retail branches conveniently located throughout Southern California to serve consumers and businesses, small and large. With total assets of $28 billion, OneWest has the size and strength to offer a wide array of banking products and services and the stability to protect its depositors. IndyMac Mortgage Services, a division of OneWest, services over $150 billion of mortgage loans on the behalf of third parties and offers loan modifications pursuant to Home Affordable Modification Program (“HAMP”) guidelines. Through our wholly owned subsidiary, Financial Freedom, OneWest is a leading reverse mortgage lender and servicer. OneWest is an FDIC-insured institution and funds deposited in the bank are insured up to the FDIC’s insurance limit of $250,000 per depositor. Information about OneWest Bank can be found on the company’s website at www.owb.com.
Sard Verbinnen & Co
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
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