IndyMac Federal Bank may soon be back in private hands. HoldCo LLC, which includes J.C. Flowers and other private investors, filed a bank holding company application with the Office of Thrift Supervision, and a deal is reportedly imminent. The $14-billion offer may include an agreement under which the Federal Deposit Insurance Corp. would guarantee some of IndyMac’s potential loan losses. It’s unclear whether or in what form the relatively benevolent foreclosure policy orchestrated by the FDIC would survive the transaction. The agency was vague about the details. “The FDIC has not made any announcement on the sale of IndyMac outside of that we expect to have announcement by the end of the year,” said spokesman David Barr, adding: “Any money obtained from selling a failed bank flows back through the receivership reimburse creditors. The [FDIC] insurance fund is also a creditor of failed banks.”
-
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
10h ago -
The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
11h ago -
Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
11h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
11h ago -
Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28