Lender leaves. (Investments & Finance).

David S. Loeb, 78, has retired as chairman of Pasadena-based IndyMac Bancorp for health reasons, ending a career that included the founding of both IndyMac and Woodland Hills-based Countrywide Financial Corp.

Loeb and fellow New Yorker Angelo Mozilo co-founded Countrywide in 1969, building it into a regional mortgage lending powerhouse. Loeb is credited with the idea for Countrywide's "company store" concept, which did away with mortgage salespersons, drawing customers into bank-like branch locations using advertisements.

In 1985, Mozilo and Loeb launched IndyMac as a mortgage real estate investment trust, investing in mortgages that Countrywide and others originated. Countrywide ran IndyMac under a management agreement until 1997, when the growth of both institutions turned them into competitors. IndyMac shed its REIT status in 2000, converting to a savings and loan, with Loeb retiring from Countrywide to remain its chairman. Mozio, who is still chairman and chief executive of Countrywide, resigned from IndyMac's board as well.

With Loeb's retirement, IndyMac chief executive and vice chairman Michael W. Perry takes on the role of chairman, while shedding the vice chairman's hat.