The California lender was taken over by regulators after a "run" on the bank. The Treasury secretary says the U.S. won't come to the bank's rescue like it did for others in the 2008 financial crisis.

Announcement comes as Signature Bank was closed on Sunday by regulators – the second to fail in a week

US President Joe Biden on Monday reassured Americans that their banking system is safe in the wake of the sudden collapse of Silicon Valley Bank (SVB) and the federal takeover of a second bank.

US regulators are racing against the clock to find solutions for failed Silicon Valley Bank while Treasury Secretary Janet Yellen said officials are focusing on protecting depositors, as officials seek to avoid a wider bank run.

WASHINGTON — U.S. regulators are racing against the clock to find solutions for failed Silicon Valley Bank while Treasury Secretary Janet Yellen said officials are focusing on protecting depositors, as officials seek to avoid a wider bank run.

U.S. authorities raced on Sunday to stem jitters about the health of the nation’s financial system, pledging to fully protect all depositors’ money following the collapse of Silicon Valley Bank while also giving any banks squeezed for cash easier terms on short-term loans.