The Fed also announced it will make additional funding available.
The Federal Reserve, Treasury Department and FDIC announced Sunday that they will make additional funding available to ensure all Silicon Valley Bank deposits, both insured and uninsured, will be paid in full.
“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary [Janet] 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,” the said in a joint statement. “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.”
The Fed also announced it will make additional funding available to “to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.”
Silicon Valley Bank, the 16th largest bank in the country, failed on Friday and was taken over by the FDIC, after there was a run on the bank Wednesday and customers withdrew $42 billion of deposits by the end of Thursday.
SVB mostly served technology workers and startups, including some of Silicon Valley’s biggest names, such as Roku.
This is a developing story. Please check back for updates.
ABC News’ Zunaira Zaki contributed to this report.