IndyMac borrowers line up in California to withdraw their cash

Gina Keating
Reuters
July 14, 2008

IndyMac Bancorp Inc customers lined up outside a branch at the company’s headquarters on Monday, hoping to withdraw their money after regulators seized what was once one of the largest mortgage lenders in the United States.

Several hundred people arrived around 4 a.m., five hours before the Federal Deposit Insurance Corp planned to open that branch.

Regulators seized Pasadena-based IndyMac on Friday after a bank run in which customers withdrew $1.3 billion of deposits over 11 business days, as worries about the company’s survival grew, regulators said. The bank has 33 branches in Southern California.

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This article was posted: Monday, July 14, 2008 at 1:23 pm

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