Federal Deposit Insurance Corp. completed the sale of IndyMac Federal Bank to a consortium of private equity investors led by Steven Mnuchin, co-CEO of Dune Capital Management LP. That group, IMB Holdco LLC, will run the bank under the name OneWest Bank Group LLC, a newly-formed thrift holding company. At the end of January 2008, IndyMac Federal had total assets of $23.5 billion and total deposits of $6.4 billion. OneWest has agreed to purchase all deposits and approximately $20.7 billion in assets at a discount of $4.7 billion -- the FDIC will retain the remaining assets for later disposition. The complete sale of the bank includes 33 branches, a reverse-mortgage unit and a $176 billion residential mortgage servicing portfolio. The FDIC has agreed to share losses on a portfolio of qualifying loans with OneWest, assuming the first 20 percent of losses. From there, the FDIC will split losses 80/20 for the next 10 percent, and 95/5 thereafter. The investor group -- consists of Dune Capital Management LP, J.C. Flowers & Company, hedge fund firm Paulson & Company, and MSD Capital, LP.