Feds close down IndyMac Bank
Event is fifth and biggest bank failure this year
By Matt Carter, Friday, July 11, 2008.
In the biggest bank failure of the housing downturn to date, federal banking regulators today closed IndyMac Bank FSB, naming the Federal Deposit Insurance Corp. as conservator.
The FDIC said it will transfer insured deposits and "substantially all the assets" of IndyMac Bank, to a newly created successor, IndyMac Federal Bank, which will be operated by the FDIC.
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