IndyMac Bank, F.S.B., Pasadena, CA, was closed on July 11 (Friday), 2008 by the Office of Thrift Supervision. All insured deposits and substantially all the assets of IndyMac Bank was transferred to IndyMac Federal Bank over the following weekend. As a result, "Depositors of IndyMac Federal Bank, FSB will have no access to on-line and phone banking services this weekend." (source: FDIC) The Billpay feature was temporarily disabled. In addition, principal and interest on insured accounts, are fully insured by the FDIC, up to the insurance limit, only through July 11, 2008 (emphasis added by us). Thereafter, interest continued to accrue at the contract rate only for all non-broker deposits.
The next Monday, July 14, depositors flocked to IndyMac branched to withdraw their money. Below are just some of the quotes describing the situation.
For the Encino, CA branch, "The scene was pretty extreme, with several police cars, news vans, and scores of anxious customers standing out in the heat behind yellow caution tape in what appeared to be a line you’d see only at Disneyland. There must have been a couple hundred people standing in line, laying on the ground, shielded under umbrellas, or huddled in front of the branch peering inside, nervously waiting for answers." (source: TheTruthAboutMortgage)
"Hundreds of people lined up outside the Pasadena branch of the new IndyMac Federal Bank early on Monday, with some fearing they would lose thousands of dollars of their savings. Bank officials on Sunday said money at the bank was safe and urged customers not to rush to branches for withdraws. Many customers, however, chose not to take that advice. " (source: PressTelegram)
"IndyMac customers across Orange County finally were getting help with their accounts Monday after the bank reopened for the first time since it was taken over by federal regulators Friday. It was slow-going, however, as the branches limited access to 10 or 12 customers at a time, with as many as 200 people in line. At some branches it was taking an hour or more for those admitted to complete their business. Carrie Lee was one of the lucky ones. She staked out the first place in line at the Laguna Woods branch, arriving at 4:45 a.m." (source: OCRegister)
"Hundreds of worried IndyMac Bancorp Inc. customers lined up Monday to pull as much money as they could from the failed financial institution. However, federal regulators said it could be years before the affairs of the bank were fully resolved." (source: tucson)
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.
For the uninsured funds, An FDIC document dated in 2015 states that the FDIC will mail Receiver Certificates. This certificate entitles uninsured fund holders to share proportionately in any funds recovered through the sale of the assets of IndyMac Bank.
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