• The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning.
  • SVB's branch offices will also reopen at that time, under the control of the regulator.
  • The FDIC's standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category.

Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago.

The collapse of SVB, a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money.