Simpson Thacher is representing private investment firm MSD Capital and private equity firms Stone Point Capital and JC Flowers, three members of a consortium of investors in a thrift holding company that has signed a letter of intent to purchase certain banking operations of IndyMac Federal Bank, FSB from the FDIC for approximately $13.9 billion.
IndyMac, which was seized by the government in July 2008, has 33 bank branches in Southern California with about $6.5 billion in deposits. Other assets include a $157.7 billion loan servicing business and a reverse-mortgage company, known as Financial Freedom. As part of the deal, the FDIC agreed to assume losses on some of IndyMac’s loans. The transaction is expected to close in late January or early February.
The Simpson Thacher attorneys representing MSD Capital and Stone Point Capital are Maripat Alpuche, Lee Meyerson, Peter Gordon, Jacob Kleinman, Rosa Pizzi and Elsa Wang (M&A), Gary Rice (Regulatory), Gary Mandel, Jason Vollbracht and Amie Broder (Tax), Marissa Wesely (Credit), and Alvin Brown, Jeanne Annarumma and Paula Han (Executive Compensation & Employee Benefits). The Simpson Thacher attorneys representing JC Flowers are Thomas H. Bell, Barrie Covit, Chi Shum, Jaclyn Kessler and Joseph Green (Private Funds), Collette Pollitt (Credit) and John Creed and Noah Beck (Tax).