Prospect Mortgage Buys IndyMac Retail Branches

July 09, 2008, 11:26 a.m. EDT 1 Min Read

Prostpect Mortgage has signed an agreement to acquire the majority of Indymac Bancorps retail mortgage branches, according to Tuesdays Prospect release.

Indymac said Monday that it would exit all of its mortgage origination activity.

The transaction encompasses about 750 employees and 60 branch offices that will be renamed as Prospect Mortgage.

John Johnston and Ron Bergum will remain in their leadership roles with the retail branch group and report to Mark Filler, CEO of Prospect Mortgage.Both Johnston and Bergum were senior retail banking executives at American Home Mortgage before joining IndyMac.

Terms of the transaction were not disclosed.

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