Why didn’t the California billionaire Venture Capitalists and “High” Tech Oligarchs bail this bank out?
Because they are waiting for the government to use taxpayer $$ to do so.
The FDIC protects depositors up to a limit of $250,000/per account. Typically, when a bank fails, another bank swoops in and takes over the branches, assets and liabilities. The FDIC usually pays very little. The regulators close banks when they have insufficient reserves. There are probably enough assets to cover all their deposits and liabilities.