Who took over IndyMac Bank?


Type Savings bank/federally-owned bridge bank
Defunct July 11, 2008
Fate Chapter 7 bankruptcy and seized by the Federal Deposit Insurance Corporation
Successors Key Bank
Headquarters Pasadena, California , United States

What happened to IndyMac loans?

IndyMac, a California bank that had grown into one of the nation’s largest mortgage lenders, failed 10 years ago Wednesday. Even though most money in the bank was protected by the FDIC, the government agency that insures bank deposits, customers formed long lines outside IndyMac locations trying to withdraw their cash.

Is CIT bank same as OneWest Bank?

With over 60 Southern California retail branches spanning from San Diego to Ventura County, OneWest Bank, a division of CIT Bank, N.A. (Member FDIC, Equal Housing Lender) offers local communities a full array of deposit and lending solutions for consumers and small businesses – both in-person and online.

What was OneWest Bank accused of?

The agreement approved Monday settles a 2017 complaint filed with HUD by the California Reinvestment Coalition accusing OneWest of failing to locate bank branches in communities of color and, from 2014 to at least 2017, extending very few or no mortgages to borrowers of color – a process commonly referred to as …

What if the banks had failed?

What Happens When a Bank Fails? Since the creation of the FDIC, the federal government has insured bank deposits up to $250,000 in the U.S. When a bank fails, the FDIC takes the reins, and will either sell the failed bank to a more solvent bank, or take over the operation of the bank itself.

Can I trust CIT Bank?

Yes, CIT Bank is FDIC insured (FDIC# 58978). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

What is the best black owned bank?

Top 21 Black Owned Banks

  • OneUnited Bank.
  • Carver Federal Savings Bank.
  • Liberty Bank.
  • Industrial Bank.
  • Broadway Federal Bank.
  • Citizens Trust Bank.
  • Mechanics & Farmers Bank.
  • The Harbor Bank of Maryland.

What a failed bank means?

A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. As such, the bank is unable to fulfill the demands of all of its depositors on time.