On Thursday, the FDIC announced the completion of its previously announced sale of IndyMac Federal Bank FSB to OneWest Bank, FSB, a newly formed federal savings association organized by IMB HoldCo LLC. OneWest is assuming all of IndyMac's deposits and approximately $20.7 billion of IndyMac's assets at a $4.7 billion discount. FDIC and OneWest also have entered into a loss share agreement on IndyMac's single family residential portfolio. Under terms of the loss share agreement, OneWest will continue the FDIC's existing loan modification program. IndyMac Federal Bank is the successor to IndyMac Bank, F.S.B, which was closed last July.