The FDIC took over the lender — the 16th largest U.S. bank and a tech industry favorite — after a run on deposits and concerns about a broader crisis that led investors to dump other bank stocks.

The California Department of Financial Protection and Innovation said Friday that it was taking over and closing the distressed bank to protect deposits, naming the Federal Deposit Insurance Corporation as its receiver. The FDIC has formed a separate entity where all insured SVB deposits will be available by Monday morning.

Silicon Valley Bank shut down in the biggest collapse since 2008 financial crisis

90 percent of all deposits exceed the FDIC limits, which means a huge haircut for most people who have money in that bank.