IndyMac deposits safe, FDIC says

Washington -- The Federal Deposit Insurance Corp. said Sunday depositors with accounts at seized IndyMac Federal Bank FSB have nothing to fear.

"The more than 200,000 customers of IndyMac with deposits of $18 billion are fully protected," the FDIC said in a statement.

Regulators Friday seized control of the Pasadena, Calif., lender, a spinoff of Countrywide Financial Corp. with $32 billion in assets.

As conservator, the FDIC created the IndyMac Federal Bank FSB, which would "continue to provide banking services in communities served by the former IndyMac Bank," the statement said.

The statement said the regulator's move was "largely a non-event."

"The banking system in this country remains on a solid footing through the guarantees provided by FDIC insurance," the statement said.

Copyright 2008 by United Press International.