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John Bovenzi, the former chief operating officer of the FDIC put in charge of IndyMac, reassured consumers late Sunday, July 13, 2008, that bank failures have been rare in the past, and that if more banks do fail, the government has enough in reserve.
According to regulatory policy, there is no advance notice given to the public before a bank's assets are seized by federal regulators.
"I think the important point to make is that, historically,
only a very small percentage of the banks on our problem banks list ever failed," Bovenzi said. "While there are 90 banks on the list, there would be no expectation that 90 of those banks would fail."
According to the FDIC, IndyMac is the fifth U.S. bank or thrift that has failed this year. In 2007, only three financial institutions failed, a small number when compared to the 2,808 institutions that failed between 1982 and 1992.
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