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When SVB's closure was announced, the FDIC said that the first $250,000 of customers' deposits would be accessible no later than Monday, but any amount above that limit would be returned over time. In addition, there was a possibility that customersthey had deposited with SVB, as the FDIC normally only guarantees the first $250,000 of a customer's deposit.
On Sunday, Bloomberg reported that the FDIC started accepting bids on Saturday to find a buyer for SVB. The bids closed Sunday afternoon with the aim of finding a willing bid ahead of the market open in Asia, Bloomberg reported, citing sources. After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
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