OneWest Bank (fka IndyMac) has agreed to acquire failed First Federal Bank of California. The 80-year old bank was seized by regulators as a result of losses it suffered on mortgage loan defaults. OneWest will operate First Federal's 39 branches as well as assume all of First Federal's deposits, so no customers will lose money. An investor group that included J.C. Flowers and Stone Point Capital acquired the failed IndyMac bank in March from the FDIC.