FOR IMMEDIATE RELEASE

INDYMAC BANCORP, INC. TAPS THE PHELPS GROUP
AS ITS AGENCY OF RECORD

SANTA MONICA, Calif. (September 5, 2000) -- The Phelps Group, an integrated marketing communications agency, has been named the agency of record for California-based IndyMac Bancorp, Inc. (NYSE: NDE), the holding company for IndyMac Bank, an FDIC insured consumer bank with an industry leading asset generation franchise predominately over the Web and approximately $9 billion in annualized loan production. IndyMac Bank is the 9th largest consumer depository institution headquartered in California and is also the number one S&L in Los Angles County as ranked by the Los Angeles Business Journal, August 2000.

The agency will provide strategy, creative, media buying, promotions, interactive design and public relations support. Glenn Scheike, Vice President at The Phelps Group, will be the Team Leader.

The Phelps Group, based in Santa Monica, is a leading integrated marketing communications agency with annual billings in excess of $50 million. Organized in self managed, client-based teams, the agency provides advertising, promotion marketing, public relations, direct response and interactive services to a diverse client roster which includes Bushnell Sports Optics, Crystal Cruises, Dubai Tourism, Energy Star, EuroVacations.com, Imperial Bank, Monrovia, Panasonic, Pepperdine University, PETCO, Roland, Switzerland Tourism, Tahiti Tourism, Teva Sport Sandals, and Western Dental.

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Media contact:

Kristen Bergevin
The Phelps Group
(310) 752-4400 ext 181