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IndyMac says withdrawals at ‘elevated levels’

By Saskia Scholtes in New York

Published: July 8 2008 17:39 | Last updated: July 8 2008 17:39

IndyMac said on Tuesday that depositors had continued to withdraw money at “elevated levels” since June, when a senator urged regulators to monitor closely the bank’s condition.

The disclosures, which were made in a regulatory filing, came a day after the beleaguered US mortgage lender said it was shrinking its business drastically because it was was no longer well capitalised, raising concerns it could fall victim to the credit crisis.

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