PASADENA, Calif. - IndyMac Mortgage Holdings Inc. said the Office of Thrift Supervision on Tuesday approved its application to buy SGV Bancorp.

IndyMac plans to close the deal July 1. It said it will move all its assets into the bank, which will be renamed IndyMac Bank and be operated as a wholly owned subsidiary of IndyMac Mortgage Holdings. When the deal closes, IndyMac Bank would be one of the largest Internet-only banks in the country, the company said.

"As IndyMac Bank, we will be able to expand the products and services offered to our customers on the Web," said Michael W. Perry, IndyMac's chief executive officer. "The depository structure creates substantial opportunity for IndyMac to increase leverage and return to shareholders."

He said the bank would be operating by Aug. 31.

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