NEWS

WIRES

OTHER

OneWest Bank Names Joseph Otting President, Chief Executive Officer and a Member of the Board

Mr. Otting brings nearly thirty years of banking experience to his position at OneWest. Prior to joining OneWest, Mr. Otting was a Vice Chairman of US Bank where he was a member of the Managing Committee and managed the Commercial Banking Group. In addition, Mr. Otting led US Bank's efforts in California as the senior executive responsible for expansion in the region. Prior to joining US Bank in 2001, Mr. Otting was with Union Bank for 16 years, where he was an executive vice president and group head of Commercial Banking.

"Since our inception, OneWest has been committed to growing and expanding our organization as the premier regional bank focused on customer service in Southern California," said Steven Mnuchin, Chairman of OneWest Bank. "Attracting someone with Joseph's background, knowledge of the market, client relationships and leadership capabilities made him uniquely qualified for this position and we are so pleased to have him join our team."

"OneWest Bank has developed a significant presence in Southern California over a very short period of time," said Mr. Otting. "I look forward to working with the existing management team, employees, customers and the community in my role of leading Southern California's largest hometown bank as we execute upon our strategy of being a trusted advisor and providing personalized banking services."

OneWest Bank is a diversified financial institution focused on delivering personalized, relationship-based services to consumers and businesses. With 82 locations throughout Southern California, OneWest has the size and strength to provide customized value-added banking product and services to its customers.

About OneWest Bank, FSB

OneWest Bank, FSB is one of the largest Southern California headquartered banks and is focused on delivering personalized, relationship-based banking to its customers. The bank has 82 retail branches conveniently located throughout Southern California to serve consumers and businesses, small and large. With total assets of $28 billion, OneWest has the size and strength to offer a wide array of banking products and services and the stability to protect its depositors. IndyMac Mortgage Services, a division of OneWest, services over $150 billion of mortgage loans on the behalf of third parties and offers loan modifications pursuant to Home Affordable Modification Program ("HAMP" ) guidelines. Through our wholly owned subsidiary, Financial Freedom, OneWest is a leading reverse mortgage lender and servicer. OneWest is an FDIC-insured institution and funds deposited in the bank are insured up to the FDIC's insurance limit of $250,000 per depositor. Information about OneWest Bank can be found on the company's website at www.owb.com.

Sard Verbinnen & Co
Diane Henry, 415-618-8750