After more than a week of market speculation, the Federal Deposit Insurance Corp. (FDIC) announced a nearly $14 billion deal Friday to sell IndyMac Federal Bank to a private-equity consortium led by the head of Dune Capital Management.

IMB HoldCo, which Dune chief executive Steven Mnuchin formed along with J.C. Flowers & Co. and Paulson & Co., agreed to buy the battered Pasadena, Calif., lender for $13.9 billion and to recapitalize the $26 billion-asset thrift with roughly $1.3 billion in cash.

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