IndyMac Bank was once the largest savings and loan association in the Los Angeles area and the seventh largest mortgage originator in the United States. Its eventual failure also ranked as one of the largest bankruptcies in United States history.
On this day, July 11th, in 2008, IndyMac failed, and the FDIC seized all of the bank’s assets. These assets totaled to over $30 billion.
Less than a year later, OneWest Bank purchased assets from the association after IndyMac filed for Chapter 7 bankruptcy. Now, OneWest Bank is a federal savings bank that runs 82 retail branches in Southern California.