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Schumer Letter Leads to Collapse of Biggest Thrift Ever

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07-11-2008, 11:48 PM

Veronica Corningstone Veronica Corningstone is offline

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Schumer Letter Leads to Collapse of Biggest Thrift Ever

The Office of Thrift Supervision issued a press release stating it has shut down IndyMac Bank F.S.B. and transferred operations to the Federal Deposit Insurance Corporation. "The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York," OTS stated. The bank, which OTS said was the biggest thrift under its supervision to ever fail, will reopen Monday as IndyMac Federal Bank FSB under the management of FDIC.

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