IndyMac: Mini Bank Run, Thanks to Schumer

7/1/08 Housing Wire: IndyMac: Mini Bank Run, Thanks to Schumer: "As a result of Sen. Schumer making his letters public and the resulting press coverage, we did experience elevated customer inquiries and withdrawals in our branch network last Friday and on Saturday of roughly $100 million, about of 1% of total deposits," the bank said.

Thank you for your support!. Indymac bank claims chuck Schumer caused a mini run on the banks. Published: July 1, 2008. with our regulators involvement, on the important issue of continuing to keep IndyMac Bank safe and sound through this unprecedented crisis period."

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IndyMac Collapses Under Financial Woes Customers of IndyMac faced closed doors Friday after federal regulators took over the California bank. risky lending practices and a $1.3 billion bank run were part of IndyMac’s demise. Banking consultant Burt Ely talks about how the failure happened and what it signals for the broader economy.

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when that very warning helped cause a run on the bank," said bank analyst jaret seiberg of the Stanford Group in Washington. In the two weeks after Schumer’s warning, anxious IndyMac depositors.

Schumer went gunning for IndyMac late last month, sending a letter to federal regulators that questioned the bank’s solvency. Word got out about Schumer’s concerns and we saw an old fashioned bank run. Per the report in the Wall Street Journal: The director of the Office of Thrift Supervision, John Reich, blamed IndyMac’s failure on comments.

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FDIC Takes Over Indymac OneWest Bank and IndyMac Bank are not the same entity. onewest bank was a newly created bank that purchased substantially all of the assets and some of the liabilities of indymac federal bank through the FDIC. There was no merger, so it is incorrect to refer to OneWest Bank as "OneWest Bank, FSB f/k/a IndyMac Bank, FSB" or similar.

IndyMac Collapses Under Financial Woes Customers of IndyMac faced closed doors Friday after federal regulators took over the California bank. Risky lending practices and a $1.3 billion bank run.

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