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Late Friday afternoon, July 11, 2008 the OTS (Office of Thrift Supervision) section of the FDIC took over the operation of Indymac bank. Additionally, IndyMac Bank's assets were seized by federal regulators because the bank was close to being unable to meet the demands of depositors who withdrew 1.9 billion US dollars in the last few days.

Late Friday afternoon, July 11, 2008 the OTS (Office of Thrift Supervision) section of the FDIC took over the operation of Indymac bank. Additionally, IndyMac Bank's assets were seized
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WASHINGTON (Reuters) - Bank regulators closed a small Florida-based bank on Friday, the eighth U.S. bank to fail this year under pressure from a weak economy and a credit crisis precipitated by falling home prices.

More banks and financial institutions could end up being bailed out by governments before the credit crisis is over, Alan Greenspan, the former chairman of the Federal Reserve, warns in an article in Tuesday’s Financial Times.

Details on your rights and obligations when your bank goes UNDER.