Friday, July 11, 2008

$32 Billion in Assets California Bank Closed By FDIC

When you want to bury news that you have to make public, but that you really don't want a lot of people to see, you release it on Friday night.

The FDIC has just issued such a Friday night release. Thay have closed Pasadena, California-based IndyMac bank.

IndyMac Bank, F.S.B. 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.

IndyMac's failure is the first bank failure in California since 2003 and is expected to cost the FDIC between $4 billion and $8 billion.

At the time of closing, IndyMac Bank, F.S.B. had about $1 billion of potentially uninsured deposits held by approximately 10,000 depositors.

Loan customers should continue making loan payments as usual, said the FDIC.

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