WASHINGTON - IndyMac Mortgage Holdings Inc. won regulatory approval for its acquisition of First Federal Savings and Loan Association of San Gabriel Valley, a $500 million-asset institution in West Covina, Calif.
The Office of Thrift Supervision said IndyMac will change the thrift's name to IndyMac Bank and use it as an alternative source of funds for its mortgage lending operations. IndyMac is a Pasadena, Calif., mortgage banker and portfolio lender that recently converted from a real estate investment trust to a fully taxable entity.
IndyMac plans to transfer nearly all its assets and liabilities to the thrift.
Separately, the Federal Reserve Board has given Wells Fargo & Co., San Francisco, the go-ahead to acquire National Bancorp of Alaska and its subsidiary, National Bank of Alaska, both in Anchorage.
Well Fargo, the nation's seventh-largest banking company, with $222 billion of assets, would add $3 billion of assets in the deal and become the biggest bank in Alaska. Wells Fargo now operates in 22 states.
- Sarah MacDonald
