Posted on 07/11/2008 3:33:15 PM PDT by Brian S. Fitzgerald
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 and substantially all of the assets of IndyMac Bank, F.S.B. 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. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information which should answer many of your questions.
(Excerpt) Read more at fdic.gov ...
IndyMac to IndyMac? Wtf kind of games are the regulators playing with us here?
you really hafta wonder about bankers and finance people.
they come on god-like,
but they sure did a crash and burn on the u.s. economy.
That’s what they always do. It reduces confusion to the depositors. They just continue to do business as they have been doing. But now it’s owned by the government.
That depends what you mean. They will probably ultimately sell the whole operation to another financial institution. However, no matter what happens, the stockholders will never see a dime of their money. The system is designed only to protect the depositors.
Noooooo.
IndyMac to IndyMac FEDERAL...
http://online.wsj.com/article/SB121581435073947103.html?mod=hpp_us_whats_news
http://latimesblogs.latimes.com/laland/2008/07/breaking-federa.html
OMG!!! I have a good sized CD there!!!
http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2008/07/07/daily72.html?jst=b_ln_hl
They’ve been on a long downward slide. Not unexpected.
http://www.knbc.com/money/16857850/detail.html
"The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Sen. Charles Schumer of New York, according to the OTS. The letter expressed concerns about IndyMac's viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.
"This institution failed today due to a liquidity crisis," said OTS Director John Reich. "Although this institution was already in distress, I am troubled by any interference in the regulatory process."
Depositors will have no access to banking services online and by telephone this weekend, but will continue to have access to their funds this weekend by ATM, through other debit card transactions and by writing checks, according to the OTC.
IndyMac is the largest OTS-regulated thrift ever to fail and, according to FDIC data, the second largest financial institution to close in U.S. history. Online banking and phone banking services will be available again on Monday..."
I’m insured up to $100,000. Does that mean I lose all interest? How long til I get my $$$ back?
Ack!
You knew there had to be a reason Paulson was just telling Congress “banks have to be allowed to fail”. I was wondering which banks he was refering to. Now we know one of them. Bernanke and Paulson both know the US banking system is decimated. They just don’t want Joe 3-pack to know the US banking system is decimated.
LA Times - see link:
http://www.latimes.com/business/la-fi-bankqa12-2008jul12,0,6106224.story
Any bets that freddie and or fannie will be cutting a big deal with the fed or treasury this weekend????
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