Silvergate Capital, parent company of Silvergate Bank, announced today its intention to cease bank operations and voluntarily liquidate the bank in an orderly manner and in accordance with applicable regulatory processes.
Silvergate believes that in light of recent industry and regulatory developments, an orderly dissolution and voluntary liquidation of the bank is the best way forward. The bank’s liquidation plan includes full repayment of all deposits.
The company is also evaluating how best to resolve claims and protect the remaining value of its assets, including its proprietary technology and tax assets.
In addition, Silvergate Bank has decided to discontinue the Silvergate Exchange Network (SEN), which it announced on its public website on March 3, 2023. All other deposit-related services will continue to operate while the company operates through the liquidation process. Customers will be notified if there are other changes.
Silvergate Bank announced last week that it had to delay filing the annual 10-K form due to questions it received from its independent auditors. In the same form, in its “forward-looking statements” section, the company announced that it faces investigations from bank regulators, a US Department of Justice investigation, a congressional review, and has concerns that it may “survive” over the next year.
Cryptocurrency Some of the most prominent representatives of the industry were working with Silvergate, but many representatives stopped working with the bank after recent events.
*Not investment advice.
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