The FDIC has seized control of IndyMac Bank, representing the second-largest bank failure in U.S. history:

IndyMac’s failure had been widely expected in recent days, as regulators said it was not well-capitalized. Its stock has plummeted to mere pennies a share and some nervous depositors have been pulling their funds. The bank has been reeling from losses on defaulted mortgages made at the height of the housing boom.