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Information for IndyMac Bank, F.S.B., Pasadena, CA [failed bank alert]
federal deposit insurance corporation ^ | 11 JUly 2008 | fdic

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 ...


TOPICS: Breaking News
KEYWORDS: 110th; bank; bankfailure; banking; banks; congress; democrats; failedbank; fdic; indymac; indymacbankfdic; schumer
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1 posted on 07/11/2008 3:33:16 PM PDT by Brian S. Fitzgerald
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To: Brian S. Fitzgerald

IndyMac to IndyMac? Wtf kind of games are the regulators playing with us here?


2 posted on 07/11/2008 3:35:49 PM PDT by rabscuttle385 (Off balance sheet liabilities...they're not just for Enron anymore!)
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To: Brian S. Fitzgerald

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.


3 posted on 07/11/2008 3:35:50 PM PDT by ken21 ( people die + you never hear from them again.)
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To: Brian S. Fitzgerald
Press Release:

FDIC Establishes IndyMac Federal Bank, FSB as Successor to IndyMac Bank, F.S.B., Pasadena, California

4 posted on 07/11/2008 3:36:28 PM PDT by Brian S. Fitzgerald
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To: Brian S. Fitzgerald

5 posted on 07/11/2008 3:37:36 PM PDT by poindexter
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To: rabscuttle385

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.


6 posted on 07/11/2008 3:39:16 PM PDT by Brilliant
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To: Brilliant
But now it’s owned by the government.

Will it eventually be set free again?
7 posted on 07/11/2008 3:41:30 PM PDT by kc8ukw
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To: kc8ukw

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.


8 posted on 07/11/2008 3:44:12 PM PDT by Brilliant
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To: Brilliant
R.I.P. IMB


9 posted on 07/11/2008 3:46:49 PM PDT by Brian S. Fitzgerald
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To: rabscuttle385
IndyMac to IndyMac?

Noooooo.

IndyMac to IndyMac FEDERAL...

10 posted on 07/11/2008 3:47:00 PM PDT by null and void (With Nobama it will be 9/10 through 9/17 every week. - Coffee200AM)
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To: null and void
Link to Wall Street Journal: "one of the largest bank failures in U.S. history"

http://online.wsj.com/article/SB121581435073947103.html?mod=hpp_us_whats_news

11 posted on 07/11/2008 3:53:39 PM PDT by Brian S. Fitzgerald
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To: Brian S. Fitzgerald
Link to LA Times:

http://latimesblogs.latimes.com/laland/2008/07/breaking-federa.html

12 posted on 07/11/2008 3:56:13 PM PDT by Brian S. Fitzgerald
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To: Brian S. Fitzgerald

OMG!!! I have a good sized CD there!!!


13 posted on 07/11/2008 3:56:38 PM PDT by BunnySlippers (Made on a Mac)
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To: Brian S. Fitzgerald
Link to San Francisco Business times:

http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2008/07/07/daily72.html?jst=b_ln_hl

14 posted on 07/11/2008 3:56:55 PM PDT by Brian S. Fitzgerald
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To: Brian S. Fitzgerald

They’ve been on a long downward slide. Not unexpected.


15 posted on 07/11/2008 3:57:05 PM PDT by RockinRight (I just paid $63 for gas. An icefield in Alaska is NOT the Grand Canyon. F--- the caribou.)
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To: BunnySlippers
KNBC:

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..."

16 posted on 07/11/2008 3:59:06 PM PDT by Brian S. Fitzgerald
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To: rabscuttle385

I’m insured up to $100,000. Does that mean I lose all interest? How long til I get my $$$ back?

Ack!


17 posted on 07/11/2008 3:59:30 PM PDT by BunnySlippers (Made on a Mac)
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To: Brian S. Fitzgerald

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.


18 posted on 07/11/2008 3:59:59 PM PDT by Freedom_Is_Not_Free
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To: BunnySlippers; All

Q & A for IndyMac account holders

LA Times - see link:

http://www.latimes.com/business/la-fi-bankqa12-2008jul12,0,6106224.story

19 posted on 07/11/2008 4:00:44 PM PDT by Brian S. Fitzgerald
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To: Brian S. Fitzgerald

Any bets that freddie and or fannie will be cutting a big deal with the fed or treasury this weekend????


20 posted on 07/11/2008 4:00:49 PM PDT by Fred (The Democrat Party is the Nadir of Nilhilism)
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