OneWest Bank is one of the banks in southern California founded in 2009 by an investors group called IMB Holdo. The bank provides services such as home loans, consumer deposits, and lending, among others.
Though the bank may seem fairly new, its origin could be traced to one of the failed banks in the United States seized by the Federal Deposit Insurance Corporation (FDIC). FDIC is charged with the responsibility of insuring depositors’ funds and also monitoring state-chartered banks which are not a member. In cases of a bank failure, depositors are protected against loss by a certain amount suppose the bank is a member of FDIC.
History and Previous Acquisitions
The financial crisis which spans across 2007-2012 led to the failure of many banks in the United States in which IndyMac Bank was one of those banks. A group of seven-man investors (IMB Holdco) bought IndyMac from the FDIC. One West Bank was formed from the acquisition. Later, IMB Holdco group bought two other failed banks through One West Bank.
After the acquisition, OneWest Bank used harsh, repulsive and aggressive means to foreclose many homes and properties of defaulted mortgages purchased under IndyMac. Some customers also reacted to the repugnant attitude by taking the case to court.
For example, Mrs. Yano-Horoski home was foreclosed, but the judge ruled in her favor by canceling her debt. After a year, the Bank seeks justice by presenting the case at an appellate court. Judge Spinner who erased the debt a year prior was “criticized” for making such a decision. The appellate judges overturn his decision, and the home was later foreclosed in 2012.
In 2010, however, OneWest Bank created a loan modification program—Principal Reduction Alternative—designed for homeowners at the verge of defaulting by modifying their monthly payment and loan terms.
In August 2015, a financial holding and bank holding company (CIT) acquired One West Bank. CIT, through its banking subsidiary, CIT, N.A., offers banking-related services to individual and commercial customers. One West Bank is now a bank division of CIT, N.A.
Other Programs and Awards
On May 17, 2018, OneWest Bank announced its investment of $6 million to Self-Help. This facilitated the establishment of a new branch in Los Angeles which will provide certain affordable banking services at the new location.
The Self-Help is targeted at homeowners looking for affordable banking related services such as individual and commercial loans, savings and checking accounts and mortgages.
Money Magazine in 2017 and 2018 listed OneWest Bank as the best bank in California. Speaking on the achievement, the bank’s president of Consumer Banking, Steve Solk, affirmed that the bank is honored to be recognized for its dedication and personalized service across California.
Location & Services
On West Bank is headquartered in Pasadena, California and also has more than 70 retail branches across Southern California. For individual customers, the bank offers savings, money market and checking accounts. The bank provides a flexible banking system for checking account holders who would like to maintain higher account balances by offering competitive rates. Also, every checking account comes with an online banking feature and debit card.