OneWest Bank, formed in Pasadena, Calif., in the aftermath of IndyMac Bancorp's failure, hired Joseph Otting from U.S. Bancorp as president and chief executive.

Otting, who led U.S. Bancorp's expansion in California, will also join OneWest's board, the bank said Wednesday. He headed commercial banking and was one of eight vice chairmen at the Minneapolis company, the fifth-biggest U.S. lender, USB spokesman Steve Dale said.

"Joseph's background, knowledge of the market, client relationships and leadership capabilities made him uniquely qualified for this position," OneWest Chairman Steven Mnuchin said in a press release. Otting previously was with Union Bank in California for 16 years.

Terry Laughlin stepped down as OneWest's CEO in June to join Bank of America Corp.

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