Finance

Soros, Dell Buy IndyMac

Deposit Insurance Corp. for $1.3 billion in cash. The FDIC has run the California-based IndyMac since its failure on July 11. After searching for a buyer among the failed bank's competitors, the FDIC was forced to open bidding to non-bank investors. The purchase includes IndyMac's 33 branches, the $6.5 billion in deposits, and a securities and loan portfolio of about $23 billion. Dune Capital Management and J.C. Flowers & Co and affiliates of George Soros and Michael Dell were also involved in the purchase. "The current economic climate is challenging for selling assets, but this agreement achieves the goals that were set out by the chairman and board when the FDIC was named conservator of IndyMac in July," FDIC Deputy Director James Wigand said in a statement.