IndyMac Bancorp plans to file for voluntary Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California.
The Pasadena, Calif., holding company for IndyMac Bank said it expects that the bankruptcy court will appoint a bankruptcy trustee "promptly," according to a Securities and Exchange Commission filing Friday.
In July, federal regulators seized IndyMac Bancorp, making it the third-largest bank failure in U.S. history. The company specialized in home loans to borrowers who lacked full documentation for their income or assets and have a higher default rate than other loans.
