IndyMac Bank Opens in Valley

IndyMac Bank is moving into the San Fernando Valley. The bank, which has been operating branches in Glendale and in Camarillo, has opened in Northridge, and will be opening another branch in Encino later this month. IndyMac, which specializes in consumer savings and mortgages, is the largest savings bank headquartered in Los Angeles County. Its newest branches will bring to 19 the total of locations the thrift operates. IndyMac earned $170.5 million or $2.74 per diluted share in 2004. The thrift had assets of $16.8 billion as of 2004 and deposits of $5.7 billion. IndyMac’s expansion comes as other banking institutions also increase their activity in the Valley. Wells Fargo recently opened a branch in Northridge, located at Cal State University. And a group of veteran bankers is in the process of organizing a new bank in Encino, California United Bank.