(KRON) — California Governor Gavin Newsom issued a statement on Saturday in response to the Federal Deposit Insurance Corporation seizing the assets of Silicon Valley Bank on Friday.

“Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury. Everyone is working with FDIC to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy.” — Gov. Newsom

Newsom’s statement comes just a day after news broke that Silicon Valley Bank, one of the 20 largest banks in the country, was struggling to raise $1.75 billion to strengthen its capital position after higher interest rates hit. SVB held about $210 billion in assets before the FDIC takeover, and many of those funds were tied directly to technology and venture capitalist startups.

As word spread that SVB might be in trouble, investors were reportedly advised to pull at least some of their funds out of the bank. This caused a panic, and the panic lead to the California Department of Financial Protection and Innovation closing the bank and handing it over to the FDIC as receiver.

The FDIC created the Deposit Insurance National Bank of Santa Clara (DINB) and transferred all FDIC-insured deposits over from SVB. Those insured funds will be available to depositors on Monday morning, according to the FDIC.

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The challenge for many investors who held their funds at SVB is that only the first $250,000 of funding was FDIC-insured. The FDIC broke down how the remaining uninsured funds would be handled:

“The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.” — Federal Deposit Insurance Corporation

The Associate Press contributed to this report. This is a developing story. Please stick with KRON for updates.