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.

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