[oldgradstudent]

You ignore the next sentence:

> The FDIC will pay uninsured depositors an advance dividend within the next week.

This will likely be a substantial fraction of the uninsured deposits. Take a look at the FDIC website.

https://closedbanks.fdic.gov/dividends/

Pick a bank, say, "IRWIN UNION BANK & TRUST CO". The first dividend was almost 47% of the uninsured amount, and anoth 25% or so over a decade.

The failure of SVB as reported is not nearly as bad.