PASADENA -- IndyMac Bancorp Inc., the troubled Pasadena-based mortgage lender that was taken over by federal regulators last month, has filed for bankruptcy protection.

But that action won't effect customers or the bank's operations, according to John Bovenzi, chief financial officer for the Federal Deposit Insurance Corp. and CEO for the revamped IndyMac Federal Bank FSB.

"Our customers will continue to receive the same value and personal service they have come to expect from IndyMac, which, due to its FDIC backing is one of the safest banks in America and a great place for our customers to keep their funds," Bovenzi said in a prepared statement.

In its Chapter 7 petition filed Thursday in U.S. Bankruptcy Court in Los Angeles, IndyMac Bancorp listed assets of $50 million to $100 million and liabilities of $100 million to $500 million.

The FDIC is looking to return the bank to the private ownership of "safe and sound" financial institutions within the next three months.

On Friday, 110 IndyMac employees - ranging from rank-and-file workers to others in upper management - were laid off, according to IndyMac Federal Bank spokesman Evan Wagner.

The layoffs were distributed among several departments across the country, leaving IndyMac with about 3,700 employees - well below its peak of 10,000.

"Some of those people were identified by management for layoffs but others may have voluntarily left because they had something else lined up," Wagner said.

The mood among employees at the bank and its branches is somewhat guarded, he said.

"I think many employees are sober about the fact that they may or may not have a job in 90 days," Wagner said. "But there are also a number of employees who had earlier been identified for layoffs but are now working at the branches."

Wagner said the FDIC has retained as many employees as needed to effectively operate the bank and service customers.

"We want to preserve as much value in the institution as we can," he said. "The FDIC doesn't want to be in the business of running and operating a bank."

And in light the circumstances that have occurred, IndyMac Federal Bank is probably the safest bank in the country, Wagner said.

"Right now the FDIC looks at it like IndyMac has an unfair advantage because it is so safe in a very competitive market," he said. "We have pretty high interest rates on CDs and people can get a good return on their dollar here."

IndyMac Federal Bank remains under FDIC conservatorship and is backed by the FDIC's approximately $53 billion deposit insurance fund, which is further backstopped by the full faith and credit of the U.S. government.

(c) 2008 San Gabriel Valley Tribune. Provided by ProQuest Information and Learning. All rights Reserved.

Story Source: San Gabriel Valley Tribune