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????
For your sake, I hope it was within FDIC limits.
I remember when Bank of America went “belly up”. Eventually the name was resurrected. I doubt it is the same entity however.
Right to the limit to the penny. I pepper my CDs all over Los Angeles. It’s a pain.
You should get back interest and the original deposit, up to a maximum of $100,000 for regular, non-retirement accounts. If the certificate was in a retirement account, you are insured to $250,000.
Thank you, thank you for the links!
As long as I get the $100,000 back. The LA Times article was helpful.
Hopefully not broken on an IndyMac.
They're saving your ass, that's what.
Be sure and send Smucky Shoomer of NY a Thank You card.....His public letter is the reason I believe
Make sure you keep good records of this. If you do incur a loss in the IndyMac charlie foxtrot, you may be able to write off the losses for tax purposes. This link may be helpful. Talk to your tax preparer, as the paperwork is not for the faint of heart.
I was talking about the name confusion. And, since I'm not an IndyMac customer, I'm not particularly worried about this incident.
Over here...
Knew it was coming, but just a question of when....
Chucky should hang.
This action was first announced by Chuckie Shumer 2 weeks ago, prior to the Feds actual decision to to take it over. Any hope IMB had to raise the necessary capital to continue was doomed at that point and the resulting “run” sealed the deal. Loose lips sink banks (or at least help ‘em sink).
By the neck or by the nuts?
"Soft landing? Surely you must be joking."
you're as predictable as you are reactionary.
Since you're not an IndyMac customer (disclosure: I'm not either), I guess you really aren't part of the "us" the federal regulators were messing with then.
I think the "name confusion" is about keeping things as "business as usual" for those who do deal with the bank as possible. It's rather a dignified convention.
It did? When? In the southeast it keeps buying smaller banks.
The former- he has none of the latter..
Thank you. I hadn’t thought of that and I do keep meticulous records. The tax angle had not occurred to me yet but us applicable as to my lost interest.
Funny, as I was talking to someone the other day about my deposit at IndyMac and I wondered about the implications about it going under. Your link answers some of those questions.
I used to trade for a brokerage firm that ultimately went under. I had kept my trading profits there as a good faith measure. The marshals came in one morning and told me to get my purse and leave [we couldn’t take typewriters or office equipment.
Many years later I got a laughable amount of my trading profits back.
I will never again balk at limiting my CDs to $100,000!!!
Are you talking about the old Bank of America out of Los Angeles, or the new one (NationsBank with a new logo)?
A long time ago ... 20 years ago? They are still all over CA. To my knowledge only the name survives.
Possibly. In fact I never knew there was a B of A LA.
What's that supposed to mean?
I guess you really aren't part of the "us" the federal regulators were messing with then.
I'm a college student. I don't work the Feds, and even if offered the opportunity, I wouldn't. They don't pay enough.
I think the "name confusion" is about keeping things as "business as usual" for those who do deal with the bank as possible. It's rather a dignified convention.
Fair enough.
anyone know if this was announced before or after the market closed?
Nope. GM is not far from a fed bailout either.
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