This just out:
In a nutshell, federal banking regulators just shut down IndyMac Bank FSB. It will reopen on Monday as IndyMac Federal Bank, run by the FDIC (Federal Deposit Insurance Corporation).
The federal government said it took control of troubled IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history.
The Office of Thrift Supervision in Washington, the chief regulator of Pasadena-based IndyMac, said it transferred control of the $32-billion bank to the Federal Deposit Insurance Corp.
The Office of Thrift Supervision says, “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. Online banking and phone banking services will be available again on Monday.”
Wonder how many IndyMac customers will hit the ATM’s this weekend? The bank *is* FDIC insured (for deposits up to $100,000), so there really is no need to panic.
IF YOU HAVE AN INDYMAC LOAN: According to the FDIC:
If you had a loan with IndyMac Bank, F.S.B., you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution. Checks should be made payable as usual and sent to the same address until further notice.
The FDIC has opened a toll-free phone line for customers of the bank.
The number is 866-806-5919.
Hours of operation for the Call Center are:
July 11, 2008 3:00 p.m. ”“ 9:00 p.m. Pacific
July 12, 2008 8:00 a.m. ”“ 8:00 p.m. Pacific
Sunday, July 13, 2008 8:00 a.m. ”“ 6:00 p.m. Pacific
Thereafter: Monday through Friday, 8:00 a.m. ”“ 8:00 p.m. Pacific
This is also the number to call if you think you may have uninsured deposits. Ask for a claims agent.
Customers also can go to a FDIC web page for information.
I suspect this will be all over the news for the next few days”¦