PASADENA, Calif. -- Pasadena-based IndyMac Bank, which was seized by the federal government as it teetered on the edge of collapse, will be closed this weekend, but plans to reopen Monday, officials said Saturday.

The bank's 33 branches will be closed over the weekend, and customers will be unable to access accounts by phone or Internet, though they will be able to use ATMs, debit cads and check, regulators with the Federal Deposit Insurance Corp. said.

The thrift's collapse, on the heels of news that it was slashing its workforce by nearly half, ranks as the second-largest bank failure in U.S. history, the Los Angeles Times reported.

Citing a run on deposits, regulators shut its main branch three hours early Friday, leaving customers stunned and upset.

The takeover of IndyMac, which had $32 billion in assets, would cost the FDIC $4 billion to $8 billion. Regulators said deposits of up to $100,000 were safe and insured by the FDIC, whose insurance fund has assets of about $52 billion.

Depositors were withdrawing about $100 million a day this past week, as the company's stock, which has traded as high as $50 per share in 2006, traded for as low as 28 cents Friday.

The takeover came amid speculation the federal government would also seize Fannie Mae and Freddie Mac, which together stand behind almost half of the nation's mortgage debt.

Regulators blamed Sen. Charles E. Schumer, D-N.Y., for helping fuel the hysteria surrounding IndyMac. On June 26, he wrote to the FDIC, the Office of Thrift Supervision and two other federal agencies that IndyMac might have "serious problems" with its loan holdings.

That public warning prompted depositors to pull $1.3 billion out of accounts between June 27 and Thursday.

"This institution failed Saturday due to a liquidity crisis," said John M. Reich, director of the OTS. "Although this institution was already in distress, the deposit run pushed IndyMac over the edge."

In 1984, Continental Illinois Bank had assets of about $40 billion before it closed. IndyMac's seizure marks the fifth FDIC-insured failure of the year, The Times reported.

IndyMac was started in 1985 by Angelo Mozilo, who went on to co-found Countrywide Financial. Its board includes Pat Haden, 55, a former star quarterback for USC and the Los Angeles Rams, who has been a partner of Riordan, Lewis & Haden, the investment firm founded by former Los Angeles Mayor Richard Riordan, since 1987. Other directors include Lyle E. Gramley, 81, a former governor of the Federal Reserve; Bruce G. Willison, 59, former dean of the Anderson Graduate School of Management at UCLA; and Lydia H. Kennard, 53, former executive director of Los Angeles World Airports, which operates Los Angeles International.

IndyMac had been operating under close regulatory scrutiny since January, when the OTS determined that the company was in ill health. The bank lost $614.8 million in 2007 and $184.2 million during the first quarter of this year, largely as the result of souring home loans.

The FDIC has set up a toll-free phone line at 866-806-5919, and a page on its Web site for bank customers.

Depositors will have no access to banking services online and by telephone this weekend, but will continue to have access to their funds this weekend by ATM, through other debit card transactions and by writing checks, according to the OTS.

Online banking and phone banking services will be available again on Monday.

Depositors' accounts at IndyMac are insured by the FDIC's Deposit Insurance Fund up to the statutory limits. Customer questions regarding the institution, including questions about federal deposit insurance coverage, should be directed to the FDIC at 1-866-806-5919.

The hotline's recorded message explains the bank's status. The message states that Internet banking has been suspended for the weekend, but online banking should be available Monday.