The bank failed after depositors hurried to withdraw money this week amid anxiety over the bank’s health.

California regulators assigned the American Federal Deposit Insurance Corporation (FDIC) to seize the assets of Silicon Valley Bank the same day.

Insured depositors will have access to their funds by Monday morning, the FDIC said. But 89% of the bank's 175 billion USD in deposits were uninsured as the end of 2022, according to the FDIC. The FDIC plans to sell off the rest of the assets to make other depositors whole.