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Deal Reached on IndyMac Sale
The Federal Deposit Insurance Corporation has reached an agreement to sell the banking operations of IndyMac Federal Bank FSB.
The failed institution will be sold to IMB HoldCo LLC -- a thrift-holding company controlled by IMB Management Holdings LP -- for $13.9 billion, an FDIC announcement late today said.
The FDIC expects the sale to close during the first quarter.
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W&W Deal Done
Wells Fargo & Co. has closed on its acquisition of Wachovia Corp. The move potentially creates a new No. 1 mortgage lender. Meanwhile, Bank of America Corp. completed its own acquisition.
PNC Acquisition of National City Done
Fresh with government funds, The PNC Financial Services Group Inc. completed its acquisition of National City Corp.
Lifeline Extended to GMAC
The parent of Residential Capital LLC has converted to a bank holding company and received billions of dollars in badly needed capital.
GMAC Approved to Become Bank Holding Co
GMAC LLC has received federal approval to become a bank holding company -- potentially increasing access to capital for its mortgage lending subsidiary.
Banking Regulators Busy
Several banks recently signed agreements with the Federal Reserve to conserve capital and improve lending practices. Other institutions faced more harsh actions.
Merger Activity Strong
Two investment companies have purchased stakes in companies that capitalize on distressed mortgages. In other merger news, several financial institutions have acquisitions in the works.
2 More Banks Fail
On Friday, bank regulators seized two more banks, bringing to 25 the number of federally insured institutions that have failed this year. One of the firms was 101 years old, while the other is expected to cost the insurance fund $0.2 billion.
MortgageIT Wholesale Done
Following a reorganization of the unit earlier this year, MortgageIT Inc.'s wholesale lending division will be shut down.
HSBC Retail Unit Halts New Business
A retail lending subsidiary of HSBC North America is scaling back operations and laying off staff.
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