IndyMac Bank

Who: IndyMac Bank

What: Fifth bank failure of 2008 (July 11, 2008)

Where: Pasadena, California

Why: Losses on defaulted mortgages made at the height of the housing boom.

Fast Facts: At the time of closing, IndyMac was the second largest bank failure in U.S. history (currently stands as the third largest after the failure of Washington Mutual); the FDIC was named conservator and transferred insured deposits and all assets of IndyMac Bank to IndyMac Federal Bank; at the time of closing, IndyMac had about $1 billion of potentially uninsured deposits with approximately 10,000 depositors; as of March 31, 2008, IndyMac had $32.01 billion in total assets and $19.06 billion in total deposits; the takeover of IndyMac is costing the FDIC between $4 billion and $8 billion.

View the press release

Related Article:
Does IndyMac presage a slew of failures?

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