IndyMac Announces the Appointment of Senator John Seymour -Ret.- to the Board of Directors of IndyMac Bancorp, Inc.

PASADENA, Calif.--()--May 7, 2004--IndyMac Bancorp, Inc. (NYSE:NDE) announced today the appointment of Senator John Seymour (ret.) to serve on its Board of Directors. Senator Seymour has served on the Board of Directors of IndyMac Bank(R), FSB, a subsidiary of IndyMac Bancorp, Inc., since July 2000, and will continue to serve in this capacity.

With the addition of Senator Seymour to serve jointly on the IndyMac Bancorp and IndyMac Bank Boards of Directors, the IndyMac Bank Board of Directors plans to expand its Board by one to eleven members in order to maintain two directors that are independent of the holding company and exclusively focus on IndyMac Bank.

In the course of its recent review of committee structure and staffing, the IndyMac Bancorp Board of Directors determined that the addition of a committee to focus on strategic and financial planning would be beneficial to the Company. Mr. Patrick Haden will chair the new committee, the Strategic and Financial Planning Committee, which will review the Company's long-term strategy and financial plan, and evaluate the allocation of capital and other resources necessary to the achievement of the strategic and financial goals established. This committee will also be focused on holding management accountable for the goals established, including monitoring actual results versus plan.

In light of the expanded committee structure, and to ensure appropriate staffing of all committees of the IndyMac Bancorp Board, the Board voted to increase the number of directors and appoint Senator Seymour to fill the vacancy created by this increase, bringing the total number of directors to nine. As a member of the Board, Senator Seymour will chair the Nominating and Governance Committee and also will serve on the Management Development and Compensation Committee. Previously, as a director of IndyMac Bank, Senator Seymour served on the Asset and Liability Committee and the Community Lending, Compliance, Process and Technology Committee. In compliance with New York Stock Exchange and Securities Exchange Commission requirements, the Board has determined that Senator Seymour is an independent, non-employee director.

Senator Seymour served in the California State Senate from 1982 to 1991 and in the United States Senate from 1991 to 1992, as a late-term replacement for California's newly elected governor. His career in real estate spans 40 years, and he currently serves as the Chief Executive Officer of the Southern California Housing Development Corporation, a non-profit corporation that owns and manages approximately 5,000 affordable apartments throughout Southern California. Senator Seymour also serves on the Board of Directors of Orange Coast Title Insurance. He has previously served on the boards of Los Angeles Federal Savings Bank, Irvine Apartment Communities and Inco Homes, among others. He has also served on the City Council, and as Mayor, of the City of Anaheim, California. Senator Seymour was President and Chief Executive Officer of Seymour Realty and Investment Company from 1964 to 1982 and in 1980 served as president of the California Association of Realtors. He is a graduate of the University of California, Los Angeles, where he received a B.S. in business and finance.

IndyMac Bancorp, Inc. is the holding company for IndyMac Bank, the largest savings and loan in Los Angeles and the 10th largest nationwide (based on assets). Through its hybrid thrift/mortgage bank business model, IndyMac is in the business of designing, manufacturing, and distributing cost-efficient financing for the acquisition, development and improvement of single-family homes. IndyMac also provides financing secured by single-family homes to facilitate consumers' personal financial goals and strategically invests in single-family mortgage related assets.

IndyMac utilizes its award-winning e-MITS(R) technology platform to facilitate automated underwriting, risk-based pricing and rate lock of home loans on a nationwide basis via the Internet at the point of sale. IndyMac provides mortgage products and services through its business relationship division, IndyMac Mortgage Bank, and its consumer direct division, IndyMac Consumer Bank and invests in certain of its mortgage loan production and mortgage servicing for long-term returns through its Investment Portfolio and Home Equity Divisions. IndyMac's mortgage website is ranked the number one overall mortgage website by Watchfire(R) GomezPro(TM), an internet quality measurement firm, a position it has held for seven of eight measurement periods since Fall 2000.

IndyMac Bank also offers a wide array of Web-enhanced banking services, including deposits, competitive CD and money market accounts, and online bill payment services. IndyMac Bank is FDIC insured.

IndyMac's total annualized return to shareholders for the period 1993 through April 30, 2004 of 24%, under its current management team, has exceeded the comparable returns of 13% and 11% for the Dow Jones Industrial Average and S&P 500, respectively, for the same period.

For more information about IndyMac and its affiliates, or to subscribe to the Company's Email Alert feature for notification on Company news and events, please visit our Website at www.indymacbank.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. The words "anticipate," "believe," "estimate," "expect," "project," "plan," "forecast," "intend," and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including the effect of economic and market conditions; the level and volatility of interest rates; the Company's hedging strategies, hedge effectiveness and asset and liability management; the accuracy of subjective estimates used in determining the fair value of financial assets of IndyMac; credit risks with respect to our loans and other financial assets; the impact of changes in financial accounting standards; the actions undertaken by both current and potential new competitors; the availability of funds from IndyMac's lenders and from loan sales and securitizations, to fund mortgage loan originations and portfolio investments; the execution of IndyMac's growth plans and ability to gain market share in a significant market transition; the impact of current, pending or future legislation and regulations; and other risk factors described in the reports that IndyMac files with the Securities and Exchange Commission, including the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and its reports on Form 8-K.


                          Boards of Directors
                    IndyMac Bancorp & IndyMac Bank
                      (Effective April 28, 2004)

Michael W. Perry
Chairman and Chief Executive Officer
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James R. Ukropina, Esq.     --  Management Development & Compensation
Presiding Director              Committee Chairman
Chief Executive Officer     --  Audit Committee
Directions, LLC             --  Nominating & Governance Committee
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Louis E. Caldera            --  Management Development & Compensation
President,                      Committee 
University of New Mexico    --  Nominating & Governance Committee
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Lyle E. Gramley             --  Asset & Liability Committee
Senior Economic Advisor
Schwab Washington Research Group
Washington, D.C.
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Hugh M. Grant               --  Audit Committee Chairman
Retired Vice Chairman       --  Strategic & Financial Planning 
Ernst & Young, LLP              Committee
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Patrick C. Haden            --  Strategic & Financial Planning 
General Partner                 Committee Chairman
Riordan, Lewis & Haden      --  Community Lending, Compliance,  
Equity Investments              Process & Technology Committee
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Terrence G. Hodel           --  Asset & Liability Committee
Independent Director        --  Strategic & Financial Planning 
                                Committee
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Robert L. Hunt II           --  Asset & Liability Committee Chairman
Independent Director        --  Audit Committee
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U.S. Senator John Seymour 
 (ret.)                     --  Nominating & Governance Committee 
Chief Executive Officer         Chairman
Southern California         --  Management Development & Compensation
Housing Development             Committee
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IndyMac Bank (only)

Lydia H. Kennard            --  Community Lending, Compliance,
Independent Director            Process & Technology Committee
                                Chairwoman
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Contacts

IndyMac Bancorp, Inc.
Pamela Marsh, 626-535-8465 (investors/media)

Contacts

IndyMac Bancorp, Inc.
Pamela Marsh, 626-535-8465 (investors/media)