The root of the problem was that SVB (and the hundreds of other FDIC insured banks) weren’t paying large enough premiums to carry the load if any one of them failed.

The value of the Deposit Insurance Fund, which will be used to cover the gap between SVBs assets and liabilities, is currently ~$100B according to the FDIC. The gap between SVB's assets and deposit liabilities is larger than the DIF is designed to cover, but there is enough to money in the fund to gover the gap.