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From comments I've read from those who have gone through it, the FDIC will usually arrange for a transfer of all accounts to a larger bank such as Chase. The FDIC knows how important a quick and seamless transition is, and they do a pretty good job. I haven't read about anyone being denied access to their online accounts or their cash for more than a day. They keep the physical branches open during the transition and replace some key employees with FDIC employees until all loose ends are tied up. I think it's up to the assuming bank to figure out whether they want to keep each branch open, and I'm guessing any costs they incur will be billed to the FDIC.
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