Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 6, 2008 9:30:50 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

FDIC Hunts for IndyMac Buyer

Posted Jul 14, 08 2:40 PM CDT in Business 

(Newser) – The Federal Deposit Insurance Corporation is looking to sell recently capsized IndyMac as a whole to one healthy bank, an executive told Reuters today. The FDIC took over IndyMac on Friday after nervous customers withdrew more than $1.3B in 11 days. "I don't expect there will be large bank failures," COO John Bovenzi said. "There will be small bank failures."

Customers lined up for hours outside IndyMac branches in California this morning in an effort to withdraw their money. "I feel very stupid for rolling over my CD just two weeks ago when they had all these people here pulling their money out," one told the Orange County Register; a sheriff's deputy had to keep order outside one crowded branch.

Sources Reuters, Orange County Register (Calif.)

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Feds Seize Failed IndyMac Bank

    Jul 11, 08 7:03 PM CDT
    Feds Seize Failed IndyMac Bank As mortgage lenders Freddie Mac and Fannie Mae crowded the headlines today, Washington snatched up IndyMac Bank in the second-largest US bank failure in history, the Wall Street Journal reports. The Pasadena, Calif. savings and loan, which owns about $32 billion in assets, saw stocks fall from $45 last year to 28 cents this week as mortgage defaults piled up. It will reopen Monday under federal supervision. More »

Therese Lum reads a sign taped to the front door of IndyMac Federal Bank today in Pasadena, Calif., where customers lined up to pull as much money as they could from the failed financial institution.   (AP Photo)
People enter IndyMac Federal Bank Monday, July 14, 2008, in Pasadena, Calif., as customers lined up to pull as much money as they could from the failed financial institution.   (AP Photo/Nick Ut)
Charles Tengeri speaks after withdrawing his money from IndyMac Federal Bank today in Pasadena, Calif., where customers lined up to pull as much money as they could from the failed institution.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 3)

Tags

subprime crisis  • money  • FDIC  • banks  • IndyMac  • Federal Deposit Insurance Corp.


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »