OneWest Bank in First Federal Bank Acquisition from FDIC

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.