Magazine article American Banker

Analyst Says IndyMac Needs $500M

Magazine article American Banker

Analyst Says IndyMac Needs $500M

Article excerpt

IndyMac Bancorp Inc. needs to raise at least $500 million of capital to return to its targeted levels by the end of next year, Paul Miller, an analyst at Friedman, Billings, Ramsey Group Inc.s FBR Capital Markets Corp., wrote in a note to clients Tuesday.

The Pasadena, Calif., company disclosed Monday that its thrifts Tier 1 capital ratio had fallen to 5.74%, and that the units total risk-based capital ratio had dropped to 10.26% as of March 31.

Michael Perry, IndyMacs chief executive, acknowledged on a conference call that the risk-based capital figure was relatively close to the regulatory minimum of 10% to be considered well capitalized.

IndyMac, which became a thrift company in 2000, has always informally agreed to keep a higher capital ratio than the minimum, Mr. Perry said. Right now our current plan shows that we will get our capital ratios back up to 7% [for Tier 1 capital] and 11% for total risk-based capital by yearend. …

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