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NORTHBROOK, Ill. - Prospect Mortgage, a company specializing in buying midsize residential lenders, said Tuesday it agreed to buy the majority of IndyMac Bancorp Inc.'s retail mortgage branches for undisclosed terms.
| IMB | 0.119999997317791 |  -0.16 |
Prospect Mortgage, backed by private equity fund Sterling Partners, said that with the closing of the deal, it expects to become one of the nation's largest independent retail mortgage companies.
The deal includes about 750 employees along with more than 60 branch offices which will be rebranded as Prospect Mortgage.
On Monday, mortgage lender IndyMac said it halted accepting new loan submissions in its main mortgage lending divisions and plans to cut its work force by more than half.
Shares of IndyMac closed down 27 cents, or 38 percent, at 44 cents. The stock slid a penny to 43 cents in after-hours trading.
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