BREAKING: U.S. government takes control of Silicon Valley Bank
Federal Deposit Insurance Corp. created a new bank into which all of SVB's deposits were transferred, and said that "all insured depositors will have full access to their insured deposits no later than Monday morning,"
One big caveat is that deposits only are insured to up to $250,000, so FDIC added that it "will pay uninsured depositors an advance dividend within the next week."Editor's note: This is a breaking news story. Please check back for updates.
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