Press Releases -------------------------------------------------------------------------------- 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 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 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 http://www.fdic.gov/news/news/press/2008/pr08056.html ======= $1 billion unsecured and 4 to 8 billion dollar hit against the FDIC. WOW!!! Assets exceeded liabilities by $1 billion... which means IMB had up to $9 billion which should have been written down.
Interestingly though they will pay 50% of the unsecured amount aka $500M. If the FDIC already have a $4b to $8b hole to fill why cover the unsecured $1b? 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.
I was just wondering about that myself. Politics? I would've assumed the FDIC would have been made whole before the bondholders and other creditors.
$32 billion in assets and $8 billion writeoff gives $24 billion in recoverable assets. Uninsured deposits would be entitled to the estimated 75% recovery ratio, thus the 50% advance until final liquidation.
No need to start a new IndyMac thread every time you want to make a post. This is the third IndyMac thread you've created this month, and the second today. Please lighten up, unless you are trying to get to the top of the Most Ignored list.
I hope your boyfriend is as ugly as indymacbank the kin you are probably a lowlife eurotrash arent you,,,,yes i guess its no doubt with all the time you spend here.