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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks IndyMac Bank, F.S.B. |
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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks IndyMac Bank, F.S.B. |
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July 11, 2008:
IndyMac Bank,
F.S.B., Pasadena, CA, was closed by the Office of Thrift Supervision (OTS).
The Federal Deposit Insurance Corporation (FDIC) was named Conservator. IndyMac had assets of $32.01 billion and total deposits of $19.06 billion, as of March 31, 2008. As conservator, the FDIC will transfer all non-brokered insured deposit accounts and substantially all assets of IndyMac Bank, F.S.B. to newly chartered IndyMac Federal Bank, F.S.B. FDIC will operate IndyMac Federal to maximize its value for a future sale, and to maintain banking services in the affected communities. Insured depositors and borrowers became customers of IndyMac Federal. On Monday, July 14, IndyMac Federal Bank's 33 branches opened for business as IndyMac Federal Bank. IndyMac Federal Bank, F.S.B. is now OneWest Bank:
OneWest Bank At the time of closing, IndyMac Bank, F.S.B. had about $1 billion of potentially uninsured deposits held by approximately 10,000 depositors. FDIC paid uninsured depositors an advance dividend equal to 50 percent of the uninsured amount. Based on FDIC's preliminary analysis, the estimated cost of the resolution to the Deposit Insurance Fund is between $4 and $8 billion. For additional information and assistance contact the FDIC at: 800-998-2900 or go to: http://www.fdic.gov/bank/individual/failed/IndyMac.html |
| 2008 FDIC Insured Failed Banks | |
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IndyMac Bank,
F.S.B. 888 East Walnut Street Pasadena, CA 91101 |
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| http://www.indymacbank.com | |
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Established in 1936 as First Federal Savings & Loan Association Of San Gabriel Valley |
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| Assets: $32 billion | |
| Deposits: $19 billion | |
| Cost to FDIC: $4-8 billion | |
| Insured Deposits: 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. |
| Uninsured Deposits:
At the time of closing, IndyMac Bank, F.S.B. had about $1 billion of
potentially uninsured deposits held by approximately 10,000 depositors.
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 think you might have uninsured deposits you
should call the FDIC Call Center to arrange for a telephone interview with
a Claims Agent at 866-806-5919. 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 may eventually recover some of your uninsured funds. The FDIC has already declared a 50% advance dividend for uninsured deposits. |
| Checks: Checks will be processed as usual. All outstanding checks will be paid against your available insured balance as if no change had occurred. |
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Loans: 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. On August 20, 2008, the Federal Deposit Insurance Corp. said it will offer thousands of homeowners IndyMac-originated mortgages better terms to rehabilitate the loans. FDIC said it will send out "several thousand modification offers" to homeowners with IndyMac mortgages that are seriously delinquent or in default. The modifications will cap interest rates at 6.5% and payment options will be designed to keep payments at a 38% housing debt-to-income rate. |
| Forms: The FDIC
Claim Agent may direct you to download and submit a particular form that
will assist in expediting the processing of your claim.
List of Affidavits, Declarations, and Forms available for download |
| Interest: 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. |
| Services: The Automated Teller Machines (ATM) remain available. 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. |
| Checks: Checks will be processed as usual. All outstanding checks will be paid against your available insured balance 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, contact IndyMac Federal Bank, Customer Service Department, at 800-998-2900 |
| Automatic Deposits: Automatic direct deposits and/or automatic withdrawals 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. |
| Loans: 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, contact 800-998-2900. |
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Creditor Claims: In
accordance with Federal law, allowed claims will be paid, after
administrative expenses, in the following order of priority: depositors,
unsecured creditors, subordinated debt holders and shareholders. The FDIC
has already issued a 50% advance dividend for uninsured deposits. Contact:
FDIC as Conservator of IndyMac Bank |
| Dividends: At the time of takeover, FDIC paid uninsured depositors an advance dividend equal to 50% of the uninsured amount. |
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Consumer Alert |
Unclaimed FDIC Insured Deposits |
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Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ... |
| If an
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred. The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred. Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred. It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address. Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search |
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History:
Established in 1936 as First Federal
Savings And Loan Association Of San Gabriel Valley 1995 Changed organization type to Stock Savings & Loan 2000 Changed name to Indymac Bank, F.S.B. 2000 Moved bank headquarters from Covina, California to Pasadena, California. 2008 Failed, went into receivership, and then became IndyMac Federal Bank, F.S.B. |
| © 2008 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
