On July 11, 2008, citing liquidity concerns, IndyMac Bank was placed into conservatorship by the FDIC. A bridge bank, IndyMac Federal Bank, FSB, was established to assume control of IndyMac Bank's assets and secured liabilities (such as insured deposit accounts), and the bridge bank was put into conservatorship under the control of the FDIC.

The FDIC announced plans to reopen IndyMac Federal Bank, FSB on Monday July 14, 2008. Until then, depositors would have access their insured deposits through ATMs, their existing checks, and their existing debit cards. Telephone and Internet account access would also be restored on Monday, when the bank reopened.[25][26][27]

The FDIC guarantees the funds of all insured accounts up to US$100,000, and has declared a special advance dividend to the roughly 10,000 depositors with funds in excess of the insured amount, guaranteeing 50% of any amounts in excess of $100,000.[4]