Has indymac bank closed?

Question

Has indymac bank closed?

Answer 1

They just declared a layoff.

In any case, their situation is precarious right now.

If you are thinking of applying for a job there, I suggest you be prepared that you could be laid off in short order.

If you are thinking of opening a CD there - Don't.  Your funds will get frozen if they go belly up.   If you still insist, at least keep it under $100,000 ( the FDIC limit ).

There are many banks in a better financial position that you can consider - try some of the smaller regional banks.

Answer 2

NO, they are right in Indy

Answer 3

Possible liquidity concern? Just some lay offs? Read the posted letter from the CEO 07-07-2008 (link below).

They are done. The bank remains open and they will not (cannot) take any more deposits, or issues any more loans. If you have money in them get out. It can take up to 2 years to get FDIC to pay depositors.

Stock is 50 cents. It is worth ZERO.

NO ONE is going to buy this bank - maybe in bankruptcy, but only some of the decent assets. No one wants to take on the liability of debt and underperforming loans.

For about $50 Million you can own 100% of IMB, but you also get $31 Billion in debt. Ouch!

Shares outstanding: 100.888 Million x current price (asking) 50 cents = $50 Million (current stock market value of the entire company).

edit 08-08-08

IndyMac depositors pull cash as mortgage woe soars

http://www.reuters.com/article/rbssFinan...

This is funny!

IndyMac Blames Senator's Comments for Withdrawals

http://www.bloomberg.com/apps/news?pid=2...

IndyMac just can't take responsibility for making tons of bad business decisions such as offering risky mortgages and never bothered to think about or control their own business risk. Given them their last 50 cents worth of stock and send them to the FDIC.

edit: 07-10-08

Make that 31 Million to own the entire company (stock now 31 cents interday trading).

edit: 07-11-08

Make that 26 Million to own the entire company (stock now 26 cents interday trading). Stock is down 48% since original post. That has got to say where the direction is going, think?

Answer 4

No.  They have not.  I am sitting on some IMB shares right now and it is dead money. That is my problem however....

They reported a possible liquidity concern this evening regarding servicing some of their loans.

They are no longer writing new loans.

If mortgages continue to decline and they are unable to cover their losses IndyMac could see Bankruptcy.  IndyMac's deposits are F.D.I.C. Insured so you wouldn't lose your money, but you might have to wait for it awhile if they went south.

Chances are another institution would buy them up for next to nothing.  PFF Bank in the inland empire just got bought up by Cal National under similar circumstances.

Whole thing is a damned shame.