US bank collapses amid credit woe
Updated on 12 July 2008
California-based IndyMac Bank's assets have been seized by US federal regulators after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.
The bank is the largest government-regulated savings and loan bank to fail and the second largest financial institution to close in US history, regulators said.
The Office of Thrift Supervision said it had transferred IndyMac's operations to the Federal Deposit Insurance Corporation because it did not think the lender could meet its depositors' demands.
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