The FDIC said that insured depositors would have access to their funds by no later than Monday morning.
Uninsured depositors will get a receivership certificate for the remaining amount of their uninsured funds, the regulator said, adding that it doesn’t yet know the amount. In announcing the takeover, the California Department of Financial Protection and Innovation cited inadequate liquidity and insolvency.
Receivership typically means a bank’s deposits will be assumed by another, healthy bank or the FDIC will pay depositors up to the insured limit. “Bank runs are a lot about psychology. And at this point, it’s very rational to be nervous,” she added.
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