On March 10, Silicon Valley Bank was shut down after it failed to raise capital to continue operating. In response, the federal government took over the bank to protect depositors and restore confidence in the banking system. Here are ten updates on the situation:

1. According to a joint statement from the treasury, Federal Reserve, and Federal Deposit Insurance Corp. on March 12, companies will be able to access all money deposited in Silicon Valley Bank on March 13, three days after the federal government took over the bank.

2. The Deposit Insurance Fund losses supporting uninsured depositors are being recovered by a special assessment on banks. Taxpayers will not bear the burden of the bank's losses.

3. MarketWatch reports that the FDIC transferred all deposits from Silicon Valley Bank to a bridge bank to protect depositors.

4. Shareholders and some unsecured debt holders are not protected by the federal government.

5. CNBC reports that Treasury Secretary Janet Yellen said on March 12 that the government will not bail out Silicon Valley Bank.

6. The senior management of Silicon Valley Bank has been removed, according to the joint statement from the federal government.

7. Tim Mayopoulos has been named CEO of Silicon Valley Bank N.A. by the FDIC on March 13. Mayopoulos was previously president and CEO of Fannie Mae and most recently served as president of Blend Labs, according to MarketWatch.

8. The federal government is seeking a buyer to acquire the bank. Axios reports that JPMorgan Chase & Co., Apollo Management, and Morgan Stanley are among the suitors. The Wall Street Journal reports that HSBC has agreed to buy Silicon Valley Bank's United Kingdom subsidiary for £1, which has loans amounting to approximately $6.7 billion and about £6.7 billion in deposits.

9. More than 600 companies signed a statement of support organized by General Catalyst CEO Hemant Taneja for Silicon Valley Bank after its collapse. Several companies also signed a statement of support for its acquisition.

10. According to The Wall Street Journal, President Joe Biden plans to take steps to limit the damage from the collapse of Silicon Valley Bank and New York-based Signature Bank, which the federal government shut down two days after it took over SVB. He also plans to ask Congress to increase regulations on banks.