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#421126 - 07/11/08 04:13 PM
IndyMac Bank is Gone--FDIC
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Admiral
Registered: 12/17/02
Posts: 8232
Loc: Sammamish, Washington
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Bank Closing - IndyMac Bank, F.S.B., Pasadena, CA On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator. All non-brokered insured deposit accounts have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA ("assuming institution") a newly chartered full-service FDIC-insured institution; for further information, please visit the FDIC web site: IndyMac Bank ( www.fdic.gov).
_________________________
“These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel.”
– Abraham Lincoln, speech to Illinois legislature, January 1837
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#421129 - 07/11/08 04:40 PM
Re: IndyMac Bank is Gone--FDIC
[Re: Finger Lakes Boater]
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Admiral
Registered: 12/17/02
Posts: 8232
Loc: Sammamish, Washington
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Hot off the wires: US Banking Regulators Close IndyMac Bancorp; FDIC Takes Over
Last update: 7/11/2008 6:15:33 PM
By Tom Barkley
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--IndyMac Bancorp Inc. (IMB) became the biggest retail bank to fall victim to the U.S. mortgage crisis Friday, as regulators shut down the Pasadena, Calif.-based savings bank.
The Federal Deposit Insurance Corp. said it will take over operations of the bank, which is fifth bank to fail this year.
It also ranks as one of the largest banks to go under, with assets of $32 billion ranking only behind the demise of the $40 billion Continental Illinois National Bank & Trust Co. in 1984 - not accounting for inflation. Continental Illinois was the first bank considered "too big to fail" by regulators.
Even when considering inflation, it's likely the biggest since the savings-and-loan crisis of the late 1980s., according to Bert Ely, president of the consulting firm Ely & Co.
The failure of IndyMac, the country's ninth-largest mortgage lender last year, was widely rumored after the bank announced earlier this week that it was laying off half its workforce and halting mortgage-origination activity.
The FDIC set up a bridge bank to handle the dismantling of IndyMac, an unusual move that some analysts had anticipated given the size and complexity of the bank.
"It's just too big to deal with overnight in this situation," said Ely.
A similar process was used to manage the failure of Superior Bank FSB of Hinsdale, Ill., in 2001, which had $1.8 billion in assets. The FDIC typically lines up a buyer to take over the deposits, as well as some assets, of a failing institution.
The new institution, IndyMac Federal Bank, will open for business Monday and be run by the FDIC, it said in a release.
-By Tom Barkley, Dow Jones Newswires; 202-862-9275; tom.barkley@dowjones.com
_________________________
“These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel.”
– Abraham Lincoln, speech to Illinois legislature, January 1837
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#421131 - 07/11/08 04:47 PM
Re: IndyMac Bank is Gone--FDIC
[Re: Finger Lakes Boater]
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Admiral
Registered: 12/17/02
Posts: 8232
Loc: Sammamish, Washington
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Press release from FDIC. Two items to digest: 1.) Approximately $1 Billion in uninsured deposits in 10,000 accounts. 2.) Estimated cost to FDIC=$4-8 Billion. 3.) With assets currently # $57 Billion, when should you begin to be concerned with FDIC ability to perform? (Now is not a bad answer...) FDIC Establishes IndyMac Federal Bank, FSB as Successor to IndyMac Bank, F.S.B., Pasadena, California FOR IMMEDIATE RELEASE July 11, 2008 Media Contact: In Washington: Andrew Gray (202) 898-7192, Cell: 202-494-1049 angray@fdic.gov In California: David Barr Cell: 703-622-4790 dbarr@fdic.gov IndyMac Bank, F.S.B., Pasadena, CA, was closed today by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was named conservator. The FDIC will transfer insured deposits and substantially all the assets of IndyMac Bank, F.S.B., Pasadena, CA, to IndyMac Federal Bank, FSB. Brokered deposits will be held by the FDIC and those insured deposits will be paid off when the insurance determination is complete. IndyMac Bank, FSB had total assets of $32.01 billion and total deposits of $19.06 billion as of March 31, 2008. As conservator, the FDIC will operate IndyMac Federal Bank, FSB to maximize the value of the institution for a future sale and to maintain banking services in the communities formerly served by IndyMac Bank, F.S.B. Insured depositors and borrowers will automatically become customers of IndyMac Federal, FSB and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards and writing checks in the same manner as before. Depositors of IndyMac Federal Bank, FSB will have no access to on-line and phone banking services this weekend. These services will be operational again on Monday. Loan customers should continue making loan payments as usual. Beginning on Monday, July 14, IndyMac Federal Bank, FSB's 33 branches will observe normal operating hours and will continue to offer full banking services, including on-line banking. For additional information, the FDIC has established a toll-free number for customers of IndyMac Federal Bank, FSB. The toll-free number is 1-866-806-5919 and will operate today from 3:00 p.m. to 9:00 p.m. (PDT), and then daily from 8:00 a.m. to 8:00 p.m. thereafter, except Sunday, July 13, when the hours will be 8:00 a.m. to 6:00 p.m. Customers also may visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/IndyMac.html for further information. At the time of closing, IndyMac Bank, F.S.B. had about $1 billion of potentially uninsured deposits held by approximately 10,000 depositors. The FDIC will begin contacting customers with uninsured deposits to arrange an appointment with an FDIC claims agent by Monday. Customers can contact the FDIC for an appointment using the toll-free number above. The FDIC will pay uninsured depositors an advance dividend equal to 50 percent of the uninsured amount. Based on preliminary analysis, the estimated cost of the resolution to the Deposit Insurance Fund is between $4 and $8 billion. IndyMac Bank, F.S.B. is the fifth FDIC-insured failure of the year. The last FDIC-insured failure in California was the Southern Pacific Bank, Torrance, on February 7, 2003. # # # Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,494 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (800) 276-6003 or (703) 562-2200. PR-56-2008
_________________________
“These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel.”
– Abraham Lincoln, speech to Illinois legislature, January 1837
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