Silicon Valley Bank collapses after failing to raise capital

Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which its capital crisis set off fears of a meltdown across the banking industry.

California regulators closed down the tech lender and put SVB in control of the US Federal Deposit Insurance Corporation. The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors. The FDIC is an independent government agency that insures bank deposits and oversees the financial institutions.

The FDIC said all insured depositors will have “full access” to their insured deposits by no later than Monday morning, and it will pay pay uninsured depositors an “advance dividend within the next week.”