PASADENA, Calif. - IndyMac Mortgage Holdings has received approval from the Office of Thrift Supervision to buy SGV Bancorp of San Gabriel Valley, Calif., which owns First Federal Savings and Loan Association.
The deal, which was expected to close this week, is worth close to $62 million.
First Federal Savings has nine branch offices, about $850 million of deposits and assets, and 27,000 deposit customers. It is to be merged with IndyMac as IndyMac Bank.
The move would give IndyMac an established branch network to complement a largely Internet-based structure.
"As IndyMac Bank, we will be able to expand our products and services offered to our customers over the Web and leverage our existing marketing efforts, technology, and infrastructure," IndyMac chief executive officer Michael W. Perry said in a statement.
The purchase would create California's ninth-largest depository institution. IndyMac Bank's new Web site, www.indymacbank.com, is slated to be functional by Aug. 31.