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IndyMac Bank, closed Friday by federal regulators, will reopen Monday with a new charter and a new name -- IndyMac Federal Bank.
Analysts fear thousands of IndyMac customers could lose as much as $500 million.
Customers who found locked doors and armed guards Friday afternoon could use ATM cards over the weekend to get to their money, but an estimated 5 percent of the $19 billion deposited in the bank was not insured by the Federal Deposit Insurance Corporation (FDIC).
Indymac's failure, which the FDIC chairman said could add up to be the most expensive U.S. bank failure ever, came as the FDIC's list of "problem" institutions is on the rise.
The FDIC disclosed last month that it was closely watching 90 financial institutions on its "problem list," up from 76 in the first quarter of 2008. The total assets of "problem" institutions rose from $22.2 billion to $26.3 billion, the FDIC said.
The number of troubled institutions monitored by the FDIC has grown in each of the last six quarters, starting in the fall of 2006 when there were just 47 on the list, the agency said. The last time it approached this level was in the fall of 2004 when the number was 95.
The FDIC does not publish a list of trouble banks out of concern it could spur a bank run, which is what the Office of Thrift Supervision (OTS) said happened to Indymac in recent weeks.
The OTS, which oversaw IndyMac, criticized Sen. Charles Schumer, a Democrat from New York. The OTS claimed that a June 26 letter Schumer wrote to regulators questioning IndyMac's viability prompted a run on the bank in which customers withdrew more than $1.3 billion prompting a liquidity crisis.