Feds close down IndyMac Bank

Event is fifth and biggest bank failure this year

Let's make 2018 your breakout year!
Join real estate's best to unlock growth at Connect SF, July 17-20, 2018

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.