[Federal Register Volume 74, Number 221 (Wednesday, November 18, 2009)]
[Notices]
[Pages 59540-59541]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-27593]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC, by its Board of Directors, has determined that 
insufficient assets exist in the receivership of IndyMac Bank, F.S.B., 
Pasadena, California and the receivership of IndyMac Federal Bank, FSB, 
Pasadena, California to make any distribution to general unsecured 
claims, and therefore such claims will recover nothing and have no 
value.

DATES: The Board made its determination on November 12, 2009.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, contact Thomas P. Bolt, Counsel, Legal Division, (703) 562-2046 
or [email protected]; Shane Kiernan, Senior Attorney, Legal Division, 703) 
562-2632 or [email protected], FDIC, 3501 N. Fairfax Drive, Arlington, 
VA 22226

SUPPLEMENTARY INFORMATION: On July 11, 2008, IndyMac Bank, F.S.B., 
Pasadena, California (``IndyMac Bank'') (FIN  10007) was 
closed by the Office of Thrift Supervision and the Federal Deposit 
Insurance Corporation (``FDIC'') was appointed as its receiver. In 
complying with its statutory duty to resolve the institution in the 
method that is least costly to the deposit insurance fund (see 12 
U.S.C. 1823(c)(4)), the FDIC effected a pass-through receivership. 
Accordingly, the FDIC organized IndyMac Federal Bank, FSB, Pasadena, 
California (``IndyMac Federal''), a new federal savings bank for which 
the FDIC was appointed as conservator. IndyMac Bank's assets were 
transferred to IndyMac Federal under an agreement whereby the amount 
(if any) realized from the final resolution of IndyMac Federal after 
payment in full of IndyMac Federal's obligations was to be paid to the 
IndyMac Bank receivership. On March 19, 2009, IndyMac Federal was 
placed in receivership and substantially all of its assets were sold. 
The amount realized from the resolution of IndyMac Federal is 
insufficient to pay all of its liabilities, and therefore there will be 
no amount to pay to the IndyMac Bank receivership.
    Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets 
forth the order of priority for distribution of amounts realized from 
the liquidation or other resolution of an insured depository 
institution to pay claims. Under the statutory order of priority, 
administrative expenses and deposit liabilities must be paid in full 
before any distribution may be made to general unsecured creditors or 
any lower priority claims. The FDIC has determined that the assets of 
IndyMac Bank are insufficient to make any distribution on general 
unsecured claims and therefore, such claims, asserted or unasserted, 
will recover nothing and have no value. The FDIC has also determined 
that the assets of IndyMac Federal are insufficient to make any 
distribution on general unsecured claims and therefore, such claims, 
asserted or unasserted, will recover nothing and have no value.


[[Page 59541]]


    Dated at Washington, DC, this 12th day of November, 2009.

    By Order of the FDIC Board of Directors.

Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. E9-27593 Filed 11-17-09; 8:45 am]
BILLING CODE 6714-01-P