underwritten loans in areas with rapidly escalating home prices, particularly in California and Florida. A highly stressed institution, IndyMac's capital was being lost to downgrades as the poor quality of their book was revealed. Regulators at the Office of Thrift Supervision (OTS) had allowed the bank to misstate its financial condition, avoiding regulatory intervention. On June 26, Sen. Charles E. Schumer released to the media letters he sent to the regulators, which warned the bank might not be viable. In the days following the release, depositors pulled out approximately 7.5% of the bank's deposits. IndyMac and the OTS regulators who had allowed the bank backdate its books blamed Schumer's letters for the bank's demise. These regulators resigned or were fired amidst a Treasury Department investigation. IndyMac's failure is expected to cost the FDIC more about $9 billion. Uninsured depositors have lost an estimated $270 million. On 25 September 2008, the Office of Thrift Supervision was forced to shut down Washington Mutual, the largest savings and loan in the United States and the sixth-largest overall financial institution, on a Thursday due to a massive run. Over the previous 10 days, customers had withdrawn $16.7 billion in deposits. This is currently the biggest bank failure in American financial history. Normally, banks are seized on Fridays to allow the FDIC the weekend to prepare the failed bank for takeover by another bank. However, WaMu's size led regulators to shut it down on a Thursday. On 26 September 2008, Wachovia, the fourth-largest bank in the United States, lost $5 billion in deposits—about one percent of its total deposits—when several large customers (mostly businesses and institutional investors) drew down their accounts below the $100,000 limit for FDIC deposit insurance. This practice is known in banking circles as a "silent run". The Office of the Comptroller of the Currency and the FDIC were both concerned that Wachovia wouldn't have enough short-term funding to open for business on 29 September—which would have resulted in a failure dwarfing that of WaMu just a day earlier. They pressured Wachovia to put itself up for sale over the weekend. Initially, Wachovia was to sell its commercial banking operations to Citigroup, but eventually the entire company was sold to Wells Fargo. On 6 October 2008, Landsbanki, Iceland's second largest bank, was put into government receivership. The Icelandic government used emergency powers to dismiss the board of directors of Landsbanki and took