The letter of intent is signed and IndyMac Federal Bank is finally headed back to the private sector. The Federal Deposit Insurance Corp. agreed to sell IndyMac’s banking operations to a thrift holding company backed by IMB Management Holdings in a deal announced on December 31. The price tag is $13.9 million.
Under the agreement, Pasadena, CA-based New IndyMac will include 33 branches with $6.5 billion in deposits; a $16-billion loan portfolio; a $6.9- billion securities portfolio; a servicing platform with mortgage servicing rights amounting to $157 billion in unpaid balance; and reverse mortgage- platform Financial Freedom, which holds $1.5 billion of reverse mortgages and an unpaid principal balance of $20.2 billion. The agency’s mortgage modification program will continue.