Hedge Fund-, P.E.-Owned Bank Buys Failed Bank

Dec 22 2009 | 10:45am ET

A bank owned by a consortium of hedge and private equity funds has made its first acquisition, buying one of the seven banks closed by U.S. regulators last week.

OneWest Bank, formerly the failed lender IndyMac, has acquired First Federal Bank for $6.1 billion. OneWest, which is owned by Paulson & Co., Soros Fund Management, J.C. Flowers & Co. and Dune Capital Management, among others, reopened the 39 First Federal branches on Saturday.

First Federal had $4.5 billion in total deposits.

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