August 7, 2008 by Robert Tharp at 4:42:00 pm
Is Indymac just the tip of the iceberg?
The surprising thing about the collapse of IndyMac Bancorp last month was that apparently so few saw it coming. The California-based bank was not among the banks thought to
be in imminent danger of bankruptcy. IndyMac's failure now has everyone from industry insiders to individual account holders concerned that other banks may soon follow. Banking attorney Steven Camp of Dallas' Gardere Wynne Sewell says those concerns are not without merit. "There are other significant bank failures that may well occur in the near future," he says. "There's a watch list of banks people are concerned about. IndyMac was likely just the canary in the coal mine." Those with accounts should worry about the security of their deposits, though, because protections are in place to protect accounts up to set limits. To interview Mr. Camp about bank failures, contact Rhonda Reddick at 800-559-4534 or rhonda@androvett.com.
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