OneWest CEO Laughlin to join Bank of America

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MarketWatch

June 22, 2010 Tuesday 6:24 PM EST

SECTION: PERSONAL FINANCE; Banking

LENGTH: 285 words

HEADLINE: OneWest CEO Laughlin to join Bank of America

BYLINE: Alistair Barr, MarketWatch mailto:[email protected].

Alistair Barr is a reporter for MarketWatch in San Francisco.

SAN FRANCISCO (MarketWatch) -- Terry Laughlin, chief executive of OneWest Bank, is leaving the California lender to join Bank of America, a Bank of America official confirmed Tuesday.

Laughlin told OneWest about his plans to step down earlier Tuesday. He will stay on for a transition period. The bank, which grew out of failed California lender IndyMac, is conducting a search to find a new CEO.

Laughlin agreed to join Bank of America's (BAC) home loans business as credit loss mitigation strategies and secondary markets executive. He starts at the end of July and will report to Barbara Desoer, president of Bank of America Home Loans, one of the largest mortgage lenders in the U.S.

OneWest was formed in early 2009 when the Federal Deposit Insurance Corp. sold IndyMac to a group of private-equity and hedge fund investors, including former Goldman Sachs (GS) executive vice president Steven Mnuchin, George Soros and J. Christopher Flowers.

John Paulson, the head of hedge fund firm Paulson & Co. who made billions of dollars betting against mortgage securities during the housing crisis, is also an investor.

OneWest has acquired other failed banks in California. The company has roughly $14 billion in deposits and total assets of $27 billion, making it one of the largest independent banks in California.

Laughlin has been OneWest Bank's CEO since Mnuchin and the other private investors recapitalized IndyMac in early 2009. Laughlin is an industry veteran with over 30 years of banking experience who previously worked at Merrill Lynch Bank & Trust, FleetBoston and Mellon Bank.

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