In less than a year, the private-equity buyers of IndyMac Bank — the $32 billion-asset California thrift seized in July 2008 and run by regulators for six months — have turned a $1.6 billion profit.

Now called OneWest Bank, the company is outperforming rivals on various fronts, including working out troubled assets, and it should have plenty more opportunities: It has acquired two more failed banks in the past three months, and it's one of the few banks in the region with ample capital to do more deals.

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