OneWest Bank is a federal savings bank

Federal Savings Bank

A federal savings bank is a savings and loan association federally chartered in the United States. They are chartered and regulated by the Treasury Department's Office of Thrift Supervision....

 with 82 retail branches in southern California and approximately $14 billion in deposits as of February 2010.

In March 2009, OneWest purchased many assets from the Independent National Mortgage Corporation, more commonly known as IndyMac, after it filed for Chapter 7 bankruptcy.
In March 2009, the Federal Deposit Insurance Corporation

Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...

 (FDIC) held an auction for IndyMac Bank, which it had seized in 2008, and sold it to IMB HoldCo LLC.