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[Update: 7/11/08, 11:35 PM PST] — As I read through the press release, it appears that the FDIC plans on running the new bank until they can find someone to purchase the assets. It mentions normal bank services and hours will resume on Monday at all branches. However, uninsured deposits will still need to make a claim, but they are also paying a 50% dividend on those. I’ll post more info as it becomes available.

The FDIC took control of IndyMac bank late Friday. They love to make these end of Friday annoucements so as to prevent panic at the bank.

The Bank will reopen on Monday as IndyMac Federal Bank, FSB. IndyMac had a $1.3 Billion dollar run on the bank over the last eleven days and the FDIC was concerned it would not be able to meet demands.

One news sourced indicated ATM Machines, debit cards, and checks would be honored over the weekend. People with uninsured deposits could begin making appointments on Monday to file a claim.

It isn’t clear what the “new” FDIC controlled bank will do, but I would suspect, the insured deposits would be paid out. I’ll keep you posted. I’m sure if you call the toll free # on Monday, better information will be available. Here is the number for the FDIC Call center, 866-806-5919.

Here is info from IndyMac’s website:

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 have been transferred to IndyMac Federal Bank, F.S.B., Pasadena, CA (“assuming institution”) a new FDIC-insured Federal Mutual Savings Bank. 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 business checking account, a Social Security direct deposit, and other relationships with the institution.

Please select the link below to read more about this event:

FDIC Bank Closing Information for IndyMac

The IndyMac websites are expected to be available Monday, July 14, 2008.

If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be transferred to IndyMac Federal Bank and will be available for business as usual during regular business hours.

FDIC CALL CENTER
866-806-5919

CALL CENTER HOURS OF OPERATION:
Friday, 7/11/08, 3:00 p.m. – 9:00 p.m. Pacific
Saturday, 7/12/08, 8:00 a.m. – 8:00 p.m. Pacific
Sunday, 7/13/08, 8:00 a.m. – 6:00 p.m. Pacific
THEREAFTER
Monday through Friday, 8:00 a.m. – 8:00 p.m. Pacific

I really thought they would pull through.

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