OneWest Bank in Acquisition of La Jolla Bank from the FDIC
February 19, 2010
Cleary Gottlieb represented OneWest Bank, FSB in its acquisition of the banking operations of La Jolla Bank, FSB, from the U.S. Federal Deposit Insurance Corporation as receiver. OneWest Bank assumed all of La Jolla Bank’s deposits, valued at approximately $2.8 billion, and acquired approximately $3.6 billion in assets. The FDIC and OneWest Bank also entered into a loss-share transaction covering a majority of the acquired loans. The transaction closed on February 19 and marks the third FDIC-assisted transaction in which Cleary Gottlieb has represented OneWest Bank.