FDIC seizes Californian bank

The Federal Deposit Insurance Corporation (FDIC), a US regulator, has taken control of IndyMac, a California-based lender with total assets of $32 billion.

The bank, which has been renamed IndyMac Federal, is the biggest to be seized since First RepublicBank Corporation collapsed in 1988 and is expected to cost the regulator between $4 billion and $8 billion.

The FDIC, which insures deposits with a value of up to $100,000, said on Friday that the bank had $1 billion-worth of uninsured deposits

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.