Prospect to Acquire IndyMac Retail Branches

Prospect Mortgage, Northbrook, Ill., has signed an agreement to acquire the majority of IndyMac Bancorp's retail mortgage branches for an undisclosed amount. At deadline time, details were sketchy. No wholesale branches were included in the sale. On Monday, the Pasadena, Calif.-based IndyMac suspended most originations of home mortgages except reverse loans. The sale involves the transfer of about 60 locations that will be rebranded under the Prospect name. A statement released by Prospect, a nonbank, said roughly 750 employees will come to work for them. Prospect said John Johnston and Ron Bergum will remain in leadership roles with the retail branch group and report to Mark Filler, chief executive officer of the company. Mr. Filler used to work for American Home Mortgage, Melville, N.Y., which filed for bankruptcy protection about a year ago. Prospect can be found online at http://www.prospectmtg.com.