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3 private investors seek to purchase IndyMac

3 private investors seek to purchase IndyMac

WASHINGTON _ A trio of private investors _ J.C. Flowers & Co., Dune Capital Management and Paulson & Co. _ have teamed up in an effort to buy failed thrift IndyMac, a person familiar with the deal said Monday.
The two private-equity firms and hedge-fund Paulson have applied for a federal holding company charter, according to the person, who asked not to be named because the deal has not been completed.
The investors want to convert IndyMac Federal Bank, which was seized by the Federal Deposit Insurance Corp. in July in the second-largest U.S. bank failure of the year, to a stock-held institution.
A spokesman for Paulson & Co. declined to comment Monday. Representatives from J.C. Flowers & Co. and Dune Capital Management did not respond to requests for comment.
The FDIC is considering selling IndyMac to a company named HoldCo LLC, whose partners include J.C. Flowers founder Christopher Flowers, John Paulson, and Steve Mnuchin, the chairman and co-chief executive of Dune. The FDIC has discussed a closing date of late January or early February, the person familiar with the deal said.
A spokeswoman for the FDIC declined to comment Monday.
The efforts by the three private investors were reported Saturday by The New York Times.
The collapse of IndyMac, which had $32 billion in assets and branches throughout California, was the second-largest this year in America, trailing only the September failure of Seattle-based Washington Mutual Inc.
A total of 25 federally insured financial institutions have collapsed this year amid the tumult of the mortgage crisis and the recession. That compares with three U.S. bank failures in 2007.
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AP Business Writer Donna Borak contributed to this report.


Updated : 2021-04-23 23:35 GMT+08:00