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Here's your daily crunch with one story dominating everything. Silicon Valley Bank has been closed by regulators which are now in charge of the bank's deposits,

according to a release sent out by the Federal Deposit Insurance Corporation

on Friday. While banking activities and S. V.S. V. 17 branches are closed today, S. V. B.'s 17 branches are closed today.

S. V.'s operations will resume on Monday,

this time with the FDIC in charge.

Of the many moves that FDIC is making,

the top priority appears to be giving customers access to their deposits.

The same memo says that all insured depositors will have full access to insured deposits

no later than Monday morning, March 13, 2023, and that official

checks will continue to clear. Uninsured depositors will get paid an advanced dividend

within the next week, the memo says, and future dividends could

be made as FDIC sells assets of CVB.

Deposit insurance per the FDIC's definition means that deposits are insured up to at least $250,000 per depositor per

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