Indy Mac, a contraction of Independent National Mortgage Corporation, was an American bank based in California that failed in 2008 and was seized by the United States Federal Deposit Insurance Corporation (FDIC).
Before its failure, Indy Mac Bank was the largest savings and loan association in the Los Angeles area and the seventh largest mortgage originator in the United States.
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The FDIC put the assets up for auction and the bulk of the business was sold to IMB Hold Co LLC who turned this into One West Bank.Indymac, however, had always been a private corporation with no relationship to the government. acquired SGV Bancorp, the parent of First Federal Savings and Loan Association of San Gabriel Valley.Indy Mac changed its name to Indy Mac Bank and became the ninth largest bank headquartered in California.The firm has an indefinite-delivery, indefinite-quantity contract for its KIV-7 line of commercial off-the-shelf cryptographic devices that provide protection for digital and voice communications through TOP SECRET, used by agencies such as the NSA and the NRO.If you would like to make an enquiry or comment about our services, please use our online form.