How is the government responding to the Silicon Valley Bank failure? Here's what we know.
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It's been a tumultuous few days for banks since the now-shuttered Silicon Valley Bank announced Wednesday it had suffered a $1.8 billion after-tax loss and urgently needed to raise more capital to quell depositors' concerns.
By Friday, SVB's chances of getting access to more funding appeared paper thin. That led the Federal Deposit Insurance Corporation to take over the bank after failed attempts to sell it to healthier banks.
The FDIC announced Friday afternoon that customers who had up to $250,000 per account deposited with SVB, which was the nation's 16th-largest bank, would have access to their funds by Monday morning. But it wasn't known at the time what would happen to deposits that exceeded $250,000, the limit the FDIC insures in the event of a bank failure.
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