Run on IndyMac

A run on IndyMac Federal Bank intensified Monday as a flood of anxious depositors descended on its 33 branches, worried about the fate of their accounts in the failed thrift. Gregory J Wilcox in the Daily News.

Lines snaked around IndyMac offices in the San Fernando Valley and throughout Southern California, with customers waiting hours under the scorching sun. Many had accounts totaling more than $100,000 - the amount guaranteed by the Federal Deposit Insurance Corp. - and wondered whether they could get their money.

"I didn't think this could happen," said Charles Tengeri, a retired schoolteacher who emerged from the bank with a check for $171,000 - an amount he said represented most of his savings.