FDIC seizes Californian bank

The Federal Deposit Insurance Corporation (FDIC), a US regulator, has taken control of IndyMac, a California-based lender with total assets of $32 billion.

The bank, which has been renamed IndyMac Federal, is the biggest to be seized since First RepublicBank Corporation collapsed in 1988 and is expected to cost the regulator between $4 billion and $8 billion.

The FDIC, which insures deposits with a value of up to $100,000, said on Friday that the bank had $1 billion-worth of uninsured deposit

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