FirstFed Financial Files for Bankruptcy
FirstFed Financial Corp. filed for chapter 11 protection less than a month after its banking unit was shut down by federal regulators, Reuters reported yesterday. The company listed assets of $4.8 million and liabilities of $159.7 million in court papers filed on Wednesday. OneWest Bank, formerly failed mortgage lender IndyMac, bought 39 branches of FirstFed’s bank in December. In addition to assuming $4.5 billion in total deposits, OneWest, of Pasadena, Calif., agreed to buy essentially all of First Federal’s assets of $6.1 billion. The case is In re FirstFed Financial Corp., U.S. Bankruptcy Court, Central District Of California, No 10-10150.
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