A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California.

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Update: Banking regulators devised a plan Sunday evening to backstop depositors with money at Silicon Valley Bank, along with Signature Bank in New York — a key step to avoid a crisis stemming from the collapse of the tech-focused bank.

Fears of contagion to banks with similar profiles to Silicon Valley Bank has brought together several government agencies to find a buyer for the troubled institution, which on Friday became the second-biggest bank collapse in U.S. history. At the very least, the Federal Deposit Insurance Corporation, the Federal Reserve, the Treasury and President Joe Biden are seeking some sort of safety net that will extend deposit insurance to all the individuals and companies with funds at Silicon Valley Bank.

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