IndyMac Federal Bank: new name for mortgage lender

The Federal Government has now taking control of IndyMac; the trouble bank has been called the second-largest bank failure in the U.S. history. It has been reported that IndyMac have transferred control of the bank that is worth $32 billion over to the Federal Deposit Insurance Corp.

The bank will reopen on Monday under a new name, IndyMac Federal Bank. In a statement from the OTS, they said that “Depositors will have no access to banking services online and by telephone this weekend, but will continue to have access to their funds this weekend by ATM, through other debit card transactions and by writing checks.” They also added that “Online banking and phone banking services will be available again on Monday.”

As we mentioned above, IndyMac’s failure is the second largest in the U.S. the largest goes to Continental Illinois Bank, when the bank went under in 1984 they had assets worth $40 billion.

For customers who bank with IndyMac, the FDIC has opened a toll-free phone number, 866-806-5919. The operating times are 3 p.m. to 9 p.m. PDT for today, then daily at 8 a.m. to 8 p.m.

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