The Federal Deposit Insurance Corp. announced late Thursday that it had closed its deal to sell the failed IndyMac Bank.

The agency unveiled its deal in early January to sell the Pasadena, Calif., lender to a consortium led by Steven Mnuchin for $1.6 billion in cash. Under the final terms of the deal, the FDIC said the thrift would become part of OneWest Bank, a newly formed Pasadena thrift organized by HoldCo LLC, the parent company founded by Mnuchin.

Branches of IndyMac, which as of Jan. 31 had $23.5 billion of assets and $6.4 billion of deposits, became part of OneWest on Friday.

On Thursday the agency estimated the failure's cost at $10.7 billion.

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