The bank isn’t saved, it’s gone. Shareholders wiped out, anybody like executives paid in stock will have lost millions and soon many will be unemployed. A new bank will be found to buy all of the assets.

It is somewhat of a bailout of depositors, but only in so far as the fed is going to print a little money to buy some securities (er, use them as collateral for loans) somewhat above a firesale market rate.

Banks are still going to lose money but are being protected from a panic collapse at no real cost to taxpayers.