Senators derided SVB's former CEO Gregory Becker at a hearing about the reasons for the failure of his bank. “It sounds a lot like ‘my dog ate my homework,’” one said

A Sunday night deadline loomed as JPMorgan and PNC were said to be interested in acquiring the troubled lender after it is seized by the Federal Deposit Insurance Corporation.

The Federal Deposit Insurance Corporation, ending its search for a buyer of the failed Silicon Valley Bank, announced late Sunday a government-backed deal in which First Citizens Bancorp will buy the bank's loans and assets.

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation announced in a joint statement Sunday that all Silicon Valley Bank depositors will have access to all of their money starting Monday, March 13, and that none of these costs will be paid by U.S. taxpayers.

For most banks, higher interest rates are good news because they can charge more for loans. But for SVB, they hurt.

Insiders told a business news network that the Santa Clara-based bank has historically paid employee bonuses on the second Friday of March.