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| Company type | Public (NYSE: IMB) |
|---|---|
| Industry | Banking |
| Headquarters | Pasadena, California, U.S. |
| Subsidiaries | Indymac Bank Financial Freedom New York Mortgage Company Barrington Capital Corporation |
Indymac Bancorp, Inc. is the holding company for Indymac Bank, F.S.B., the largest savings and loan in the Los Angeles area and the 7th largest mortgage originator in the nation. Indymac Bank, operating as a hybrid thrift/mortgage banker, provides financing for the acquisition, development, and improvement of single-family homes. Indymac Bank also provides financing secured by single-family homes and other banking products to facilitate consumers’ personal financial goals.
Indymac Bancorp expanded its business and national presence by acquiring Financial Freedom, an originator and servicer of reverse mortgage loans, on July 16, 2004, New York Mortgage Company, an East Coast mortgage bank, on April 2, 2007, and Barrington Capital Corporation, a West Coast mortgage bank, in September, 2007.
Indymac Bancorp corporate Headquarters is located in Pasadena, California.
On July 7, 2008, IndyMac announced it had stopped making new loans and would cut 3,800 jobs. The bank reported a sharp increase in the number of depositor withdrawals following those announcements and remarks made by Senator Charles Schumer (D-NY) on the bank's ability to survive the mortgage crisis.
On July 8, Indymac announced the sale of its Retail Lending Group to Prospect Mortgage. That day, the bank's shares closed at $0.44 in trading on the New York Stock Exchange, a loss of over 98% from its high of $50 in 2006. Additionally, analyst Paul J. Miller Jr. cut his price target on IndyMac to $0 from $1, rating the company's share price "Underperform".
On July 9, Standard & Poors cut IndyMac's counterparty credit risk rating to "CCC", just a few steps above default, from "B", the fifth highest junk level, and said it may cut them again.
On July 10, 2008, the bank's shares reached a 52-week closing low of $0.31.
References
- "IndyMac stops new loans, to cut work force by half". The Associated Press. 2008-07-07. Retrieved 2008-07-08.
{{cite web}}: Check date values in:|date=(help) - "Struggling Indymac Says Depositors Pulling Cash". Reuters. 2008-07-08. Retrieved 2008-07-08.
{{cite web}}: Check date values in:|date=(help) - Ellen Yan (2008-07-08). "Employees await word of fate after IndyMac deal". Newsday. Retrieved 2008-07-10.
{{cite web}}: Check date values in:|date=(help) - Eric Dash (2008-07-09). "Mortgage Lender Faces Rush to Withdraw". The New York Times. Retrieved 2008-07-10.
{{cite web}}: Check date values in:|date=(help) - "IndyMac Bancorp shares dip; analyst sets $0 target". The Associated Press. 2008-07-08. Retrieved 2008-07-11.
{{cite web}}: Check date values in:|date=(help) - "S&P cuts IndyMac's ratings deeper into junk". Reuters. 2008-07-09. Retrieved 2008-07-11.
{{cite web}}: Check date values in:|date=(help) - "Yahoo! Finance Quotation for NYSE:IMB". Retrieved 2008-07-10.
External links
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