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KGMB9 News @ 10
IndyMac Bank Goes into Federal Receivership Print E-mail
Written by KGMB9 News - news@kgmb9.com   
July 12, 2008 07:33 PM

 
A major player in the mortgage industry has been driven out of business by the credit crisis. Now customers of California's "IndyMac" bank could lose up to a half billion dollars in uninsured deposits.

IndyMac is now in the hands of federal regulators. The bank was deemed unfit to meet depositors' demand and was put into receivership at the close of business Friday.

That sent worried customers rushing to the bank.

“Over the next 90-days or so will begin to market this bank to try and get it back into private hands but until then, for customers if you had less than 100-thousand dollars, ah, there's no change in business for you," said FDIC spokesman David Barr.

Customers with money over $100,000 could be in trouble. This weekend customers can only access their money through atms or by writing checks.

The bank will re-open Monday as "IndyMac Federal Bank."



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Last Updated ( July 12, 2008 07:33 PM )
 

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