A run on California-based IndyMac makes it the largest American bank to fail in nearly a quarter of a century -- and second largest ever.

Late Update: TPM Reader JR express some skepticism:

It's a big story, no doubt. But the figure that it's the second largest ever is a bit misleading - it's not adjusted for inflation. The statistic is pretty much meaningless without that context.

I'd be curious to know if these comparisons are in fact based on inflation-adjusted numbers, or not, as JR suggests. So keep an eye out and let me know.