OneWest Bank in First Federal Bank Acquisition from FDIC
December 18, 2009
Cleary Gottlieb represented OneWest Bank, FSB in its acquisition of the banking operations of First Federal Bank of California in a transaction assisted by the U.S. Federal Deposit Insurance Corporation. OneWest Bank assumed all of First Federal Bank’s deposits, valued at approximately $4.5 billion, as well as approximately $6.1 billion of First Federal Bank’s assets. The FDIC and OneWest Bank entered into a loss-share transaction on $5.3 billion of First Federal Bank’s assets. First Federal Bank had 39 branches in California, all of which have been assumed by OneWest Bank.