Results tagged “fdic”

The symbol of the housing boom and bust, Pasadena based IndyMac Bank that was seized in July by the federal government, has been sold to a group of seven investors for $13.9 billion. "We have assembled a group of experienced private investors in financial services to acquire the former IndyMac and operate it under new management with extensive banking experience," Steven Mnuchin, the leader of the holding company that bought the bank, said in a statement. "We will inject significant private capital into IndyMac so that it can once again effectively serve its customers and communities."

If you bank at Security Pacific, your money's now with Pacific Western. Following Friday's shut down by the California Department of Financial Institutions, the four branches of the Los Angeles-based bank were taken over by the FDIC, who then "entered into a purchase and assumption agreement with Pacific Western Bank of Los Angeles to assume all deposits of Security Pacific, whose four branches will reopen on today as Pacific Western branches," according to MyFox Los Angeles. Customers are being assured that there has been no changes to their accounts, and their monies remain insured through the FDIC. Security Pacific is the 19th bank nationally and the 3rd in California to fail.