July 12, 2008

IndyMac Seized

Failure due to long-standing practices

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.

If you are a customer of IndyMac Bank and have questions Click Here for the Federal Deposit Insurance Corporation (FDIC) information page.

The company was started in 1985 by Countrywide founders Angelo Mozilo and David Loeb under the name Countrywide Mortgage Investments. In 1999, it converted into a bank from a real estate investment trust. That year, Michael Perry replaced Mozilo as chief executive officer.

For the Reuters story Click Here

For the Associated Press story Click Here

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	FDIC Information for IndyMac Bank, F.S.B., Pasadena, CA
	Failed Bank Information
	http://www.fdic.gov/bank/individual/failed/IndyMac.html

Topic Tags: angelo mozilo, countrywide, credit crunch, failed bank, fdic indymac, housing crisis, indymac, indymac bank, indymac seized, indymac shut down

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