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FDIC: Press Releases - PR-56-2008 7/11/2008 Advanced Search Search FDIC... Each depositor insured to at least $250,000 per insured bank Home | Deposit Insurance | Consumer Protection | Industry Analysis | Regulations & Examinations | Institution & Asset Sales | News & Events | Press Releases Online Press Room Conferences & Events Financial Institution Letters Special Alerts Letters to the Editor/Opinion Editorials Home > News & Events > Press Releases Press Releases FDIC Establishes IndyMac Federal Bank, FSB as Successor to IndyMac Bank, F.S.B., Pasadena, California 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 FOR IMMEDIATE RELEASE July 11, 2008 En Español 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 on 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 1-877-275-3342 or (703) 562-2200. PR-56-2008 Last Updated 7/14/2008 Home | Contact Us | Search | Help | SiteMap | Forms | En Español https://www.fdic.gov/news/news/press/2008/pr08056.html[1/16/2015 6:14:18 PM] communications@fdic.gov Speeches & Testimony FDIC: Press Releases - PR-56-2008 7/11/2008 Website Policies | Privacy Policy | Accessibility Statement | Plain Writing Act of 2010 | USA.gov | FDIC Office of Inspector General Freedom of Information Act (FOIA) Service Center | FDIC Open Government Webpage | No FEAR Act Data https://www.fdic.gov/news/news/press/2008/pr08056.html[1/16/2015 6:14:18 PM]
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