On March 19, 2009, the Federal Deposit Insurance Corporation
(FDIC) completed the sale of IndyMac Federal
Bank, FSB, Pasadena, California, to OneWest Bank, F.S.B., 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.
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.
On March 19, 2009, all deposits of IndyMac Federal Bank, FSB were
OneWest Bank, FSB, (OneWest Bank) Pasadena, California.
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 have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 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.
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.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
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.
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.
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
Please note that any deposits that have not been claimed within 18 months of the failure of Indymac Bank was sent to the FDIC by One West Bank. If the FDIC is unable to locate the deposit customer, the unclaimed funds will eventually be escheated to the state or according to Federal Law (12 U.S.C., 1822(e)).
FDIC Unclaimed Deposits
1-877-875-4821 Option #2
Hours of Operation - Pacific Standard Time
Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership
SUMMARY: The FDIC, by its Board of Directors, has determined that insufficient assets exist in the receivership of IndyMac Bank, F.S.B., Pasadena, California and the receivership of IndyMac Federal Bank, FSB, Pasadena, California to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value.
DATES: The Board made its determination on November 12, 2009.
FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, contact Thomas P. Bolt, Counsel, Legal Division, (703) 562–2046 or firstname.lastname@example.org; Shane Kiernan, Senior Attorney, Legal Division, (703) 562–2632 or email@example.com,
Federal Deposit Insurance Corporation
3501 N. Fairfax Drive
Arlington, VA 22226
SUPPLEMENTARY INFORMATION: On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, California (‘‘IndyMac Bank’’) (FIN # 10007) was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (‘‘FDIC’’) was appointed as its receiver. In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund (see 12 U.S.C. 1823(c)(4)), the FDIC effected a pass-through receivership. Accordingly, the FDIC organized IndyMac Federal Bank, FSB, Pasadena, California (‘‘IndyMac Federal’’), a new federal savings bank for which the FDIC was appointed as conservator. IndyMac Bank’s assets were transferred to IndyMac Federal under an agreement whereby the amount (if any) realized from the final resolution of IndyMac Federal after payment in full of IndyMac Federal’s obligations was to be paid to the IndyMac Bank receivership. On March 19, 2009, IndyMac Federal was placed in receivership and substantially all of its assets were sold. The amount realized from the resolution of IndyMac Federal is insufficient to pay all of its liabilities, and therefore there will be no amount to pay to the IndyMac Bank receivership.
Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims. The FDIC has determined that the assets of IndyMac Bank are insufficient to make any distribution on general unsecured claims and therefore, such claims, asserted or unasserted, will recover nothing and have no value. The FDIC has also determined that the assets of IndyMac Federal are insufficient to make any distribution on general unsecured claims and therefore, such claims, asserted or unasserted, will recover nothing and have no value.
Federal Register / Vol. 74, No. 221 / Wednesday, November 18, 2009 / Notices 59541
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.
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.