Indymac Bank announced that it will lease at least five former Charter locations in Hawaii as it expands its recent retail push beyond the contiguous United States.
Charter Funding recently halted operations when First Magnus Financial closed several weeks ago amid secondary market woes.
Indymac will also rehire 100 Charter employees in conjunction with the new leases, and will focus on both wholesale and retail loans, including construction and lot loans.
Former vice president and regional manager of Charter Funding, now regional president, applauded the decision to be taken over by a large bank such as Indymac.
Earlier this month, another Hawaiian branch was resurrected when Indymac reopened a former American Home Mortgage office.
Look for Indymac to continue to acquire at-risk and defunct mortgage lenders as it goes after more market share.