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Failed Bank Information
Information
for IndyMac Bank, F.S.B., Pasadena, CA
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- Introduction
- Press Release
- Acquiring Financial Institution
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Question and Answer Sheet
En Español
Chinese Language Version (pdf help)
- Banking Services
- Loan Customers
- Priority of Claims
- Dividend Information
- Brokered Deposits (Institutional Brokers)
- Purchase and Assumption
Agreement (1.1 mb PDF File - PDF Help)
- IndyMac Bank, F.S.B., Contact Information
- Balance Sheet Summary
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| I. Introduction |
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On March 19, 2009, the Federal Deposit Insurance Corporation
(FDIC) completed the sale of IndyMac Federal
Bank, FSB, Pasadena, California, to OneWest Bank, FSB, Pasadena, California.
OneWest Bank, FSB is a newly formed federal savings bank organized by IMB
HoldCo LLC. All deposits of IndyMac Federal Bank, FSB have been
transferred to OneWest Bank, FSB.
On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the FDIC was named Conservator. All non-brokered insured deposit accounts and substantially all of the
assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA
"assuming institution") a newly chartered full-service FDIC-insured institution. 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 car loan, a business checking account, a commercial loan, a Social Security direct
deposit, and other relationships with the institution. The FDIC has compiled the following information which should
answer many of your questions. |
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| II. Press
Release |
| The FDIC has issued the following press releases (PR-56-2008, PR-42-2009) about
the institution's closure. If you represent a media outlet and would
like information about the closure, in California, please contact David
Barr with the Office of Public Affairs at 202-898-6992, in Washington
D.C. please contact Andrew Gray at 202-898-7192. |
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| IV. Acquiring
Financial Institution |
| On March 19, 2009, all deposits of IndyMac Federal Bank, FSB were
transferred to
OneWest Bank, FSB, (OneWest Bank) Pasadena, California. On
July 11, 2008, all non-brokered insured deposit accounts were transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA
("assuming institution") a newly chartered full-service FDIC-insured institution. The OTS appointed the FDIC
conservator of IndyMac Federal Bank. All insured deposit accounts will be available as usual during regular business hours
starting July 14, 2008.
Principal and interest on insured accounts, through July 11, 2008,
are fully insured by the FDIC, up to the insurance limit of $100,000. You
will receive full payment for your insured account. Certain entitlements
and different types of accounts can be insured for more than the $100,000
limit. IRA funds are insured separately from other types of accounts, up
to a $250,000 limit.
All accounts that exceed the $100,000 insurance limit, and/or all accounts
that appear to be related and exceed this limit, are reviewed by the FDIC
to determine their ownership and insurance coverage. If you think
you might have uninsured deposits you should call the FDIC Call Center to
arrange for a telephone interview with a Claims Agent at 866-806-5919.
The Claim Agent may direct you to download and submit a particular
form that will assist in expediting the processing of your claim.
List of Affidavits, Declarations, and Forms available for download
Please return the forms to the FDIC by FAX
(facsimile) or mail at the number or address listed for
the failed institution. |
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If it is determined that you have uninsured funds, the FDIC will generate
and mail to you a Receiver Certificate. This certificate entitles
you to share proportionately in any funds recovered through the disposal
of the assets of IndyMac Bank, F.S.B. This means that you will eventually recover
some of your uninsured funds. The FDIC declared a 50% advance dividend for uninsured deposits.
To find out more about FDIC Deposit Insurance:
Checks that were drawn on IndyMac Bank, F.S.B. will be honored up to your available balance or the insured amount. You may
withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with
IndyMac Federal Bank. A hold may be in place on deposits accounts due to delinquent loans where the depositor is the
borrower or guarantor. Additionally, any account pledged as collateral for a loan will be held. |
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VI. Banking Services |
| On March 19, 2009 there was no break in services.
As of July 14, 2008 you may continue to use the services
to which you previously had access, such as,
online service, safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available insured balance(s) as if no change
had occurred. IndyMac Federal Bank will contact you
soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact IndyMac Federal Bank, Customer Service Department,
at 800-998-2900. An account representative will clear
up any confusion about the validity of your checks.
All interest accrued through Friday, will be paid at your same rate. IndyMac
Federal Bank will be reviewing rates and will provide further information
soon. You will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to IndyMac Federal Bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at 800-998-2900. |
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| VII. Loan
Customers |
| 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.
For all questions regarding new loans and the lending policies of IndyMac
Federal Bank, please contact 800-998-2900 or visit the IndyMac Federal Bank website at
www.IndyMac.com. |
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| VIII. Priority of Claims |
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
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| IX. Dividend
Information |
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When IndyMac was placed into Conservatorship in July of 2008, the FDIC calculated that the ultimate resolution of IndyMac would result in a recovery of approximately 50% of the uninsured deposits of IndyMac. Based upon that estimate, an advance dividend in that amount was paid to the uninsured depositors at that time. The announced sale of IndyMac to IMB Management Holdings is consistent with the original estimate and no additional dividend will be paid as a consequence of this sale.
While no dividends for the uninsured depositors are anticipated at this time, the FDIC will continue to periodically re-assess the financial condition of the receivership to determine if there is additional cash for dividend distributions.
Dividend Information on Failed Financial Institutions |
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X. Brokered Deposits |
| The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.
Deposit Broker Processing Guide |
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| General Disclaimer |
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