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Article: OTS, FDIC take over Indymac Bank.(Briefing Book)(IndyMac Bank F.S.B.)

Article from:
Mortgage Banking
Article date:
August 1, 2008
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In mid-July, federal government regulators abruptly closed down Pasadena, California-based Indymac Bankcorp Inc.

The Office of Thrift Supervision (OTS) announced Indymac Bank's closure late on July 11 and transferred operations to the Federal Deposit Insurance Corporation (FDIC), where the bank reopened the following Monday as Indymac Federal Bank.

"The OTS has determined that [in] the current institution, Indymac Bank is unlikely to be able to meet continued depositors' demands in the normal course of business, and is therefore in an unsafe and unsound condition," explained OTS in a statement.

OTS explained that Indymac had been in a ...

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