This blog sheds a little more light on what is actually being sold and the difference between the Bank and the Holding Co. I'm still not sure what this all means for the disposition of the preferreds. I think I'm going to call the number at the bottom of the article for FDIC help on the sale and also OneWest.
FDIC sells most assets of failed IndyMac March 19th, 2009, 7:09 pm · 1 Comment · posted by Mathew Padilla, Reporter The Federal Deposit Insurance Corporation said late Thursday it closed the sale of the deposits and branches of IndyMac Bank, which it seized last year, to newly formed OneWest Bank in Pasadena.
OneWest is buying $6.4 billion in deposits and $20.7 billion in assets at a $4.7 billion discount. Total cost of the takeover to the Federal Deposit Insurance Fund is estimated at $10.7 billion.
Here’s more from the FDIC:
OneWest will assume all deposits of IndyMac Federal. IMB HoldCo signed a letter of intent with the FDIC on December 31, 2008, to purchase IndyMac Federal.
The 33 branches of IndyMac Federal will reopen as branches of OneWest tomorrow. Depositors of IndyMac Federal will automatically become depositors of OneWest. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of January 31, 2009, IndyMac Federal had total assets of $23.5 billion and total deposits of $6.4 billion. OneWest has agreed to purchase all deposits and approximately $20.7 billion in assets at a discount of $4.7 billion. The FDIC will retain the remaining assets for later disposition.
FDIC and OneWest have entered into a loss share transaction on the single family residential portfolio. Under terms of the loss share agreement, OneWest will continue the FDIC’s existing loan modification program.
Customers who have questions about the transaction can call the FDIC toll-free at 866-806-5919. The phone number will be operational this evening until 9:00 p.m. Pacific Time; on Saturday from 9:00 a.m. to 6:00 p.m. Pacific Time; on Sunday from noon until 6:00 p.m. Pacific Time; and thereafter from 9:00 a.m. to 5:00 p.m. Pacific Time. Interested parties can also visit the FDIC’s website at http://www.fdic.gov/bank/individual/failed/IndyMac.html.
IndyMac Federal sustained losses of $2.6 billion in the fourth quarter 2008 due to deterioration in the real estate market. The total estimated loss to the Deposit Insurance Fund is $10.7 billion. No further payments on receivership claims for uninsured funds from former IndyMac Bank, F.S.B. will be distributed as a result of this transaction.
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