FDIC Establishes Successor to IndyMac Bank

SAN FRANCISCO--(Business Wire)--
The Office of Thrift Supervision and the Federal Deposit Insurance
Corporation announced today that the OTS has closed IndyMac Bank,
F.S.B., and that the FDIC has established IndyMac Federal Bank, FSB,
as its successor, with the FDIC as conservator.

Outstanding advances from the Federal Home Loan Bank of San
Francisco to IndyMac Bank total $10.1 billion. These advances remain
fully secured pursuant to the Federal Home Loan Bank of San
Francisco's agreements with IndyMac Bank. The Federal Home Loan Bank
of San Francisco has a perfected security interest in approximately
$21.6 billion in mortgage loans (unpaid principal balance) and
mortgage-backed securities (par amount).

Subject to the terms of its agreements with IndyMac Bank, the
Federal Home Loan Bank of San Francisco will work with the FDIC in its
administration of the assets and liabilities of the new institution.

About the Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco delivers low-cost
funding and other services that help member financial institutions
make home mortgage loans to people of all income levels and provide
credit that supports neighborhoods and communities. The Bank also
funds community investment programs that help members create
affordable housing and promote community economic development. The
Bank's members--its shareholders and customers--are commercial banks,
credit unions, savings institutions, thrift and loans, and insurance
companies headquartered in Arizona, California, and Nevada. The
Federal Home Loan Bank of San Francisco is one of 12 regional banks in
the FHLBank System.

Federal Home Loan Bank of San Francisco
Amy Stewart, 415-616-2605
stewarta@fhlbsf.com

Copyright Business Wire 2008