PASADENA, Calif. - IndyMac Bank has agreed to acquire the assets and operations of PNB Mortgage, a wholesale lender based in Irvine, Calif., from U.S. Bancorp.
Excluding $48 million of mortgage loans and some equipment, the IndyMac Bancorp subsidiary will pay $600,000 for the franchise. The deal is expected to close next month.
PNB specializes in originating FHA and VA loans; it makes $550 million of loans per year. The deal would give IndyMac 85 new employees.
Richard Wohl, president and chief operating officer of IndyMac's mortgage banking group, said expanding into the FHA and VA markets will help IndyMac meet its obligations under the Community Reinvestment Act.
Earlier this year IndyMac converted from a real estate investment trust to a depository institution.