What happened to OneWest Bank?
OneWest Bank emerged from the ashes of the failed IndyMac Federal Bank, which was seized by federal regulators during the height of the financial crisis. Formed by a group of prominent private equity investors, OneWest focused on restructuring distressed mortgages and stabilizing regional banking operations in Southern California. After several years of successful turnaround management and growth, the institution agreed to a major multi-billion-dollar acquisition by CIT Group, effectively integrating its commercial and retail banking operations into CIT's broader corporate framework before later becoming part of First Citizens Bank through subsequent industry consolidation.
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