On July 11, 2008, citing liquidity concerns, the FDIC put IndyMac Bank into conservatorship. A bridge bank, IndyMac Federal Bank, FSB, was established to assume control of IndyMac Bank's assets, its secured liabilities, and its insured deposit accounts. The FDIC announced plans to open IndyMac Federal Bank, FSB on July 14, 2008. Until then, depositors would have access their insured deposits through ATMs, their existing checks, and their existing debit cards. Telephone and Internet account access was restored when the bank reopened. The FDIC guarantees the funds of all insured accounts up to US$100,000, and has declared a special advance dividend to the roughly 10,000 depositors with funds in excess of the insured amount, guaranteeing 50% of any amounts in excess of $100,000. Yet, even with the pending sale of Indymac to IMB Management Holdings, an estimated 10,000 uninsured depositors of Indymac are still at a loss of over $270 million. COUNT 5
QSN1 What was the name of the bridge bank established to assume control of IndyMac Bank's assets, liabilities and deposit accounts? ANS1 IndyMac Federal Bank, FSB QSN2 What is the maximum amount of funds the FDIC guarantees in insured accounts? ANS2 US$100,000 QSN3 How many IndyMac account holders held funds in excess of the FDIC's insured amount of US$100,000? ANS3 roughly 10,000 depositors QSN4 On what date did the FDIC put IndyMac Bank into conservatorship? ANS4 July 11, 2008 QSN5 On what date did the FDIC plan to open IndyMac Federal Bank, FSB? ANS5 July 14, 2008