The holding company for Silvergate Bank, Silvergate Capital Corporation, has announced the voluntary liquidation of the bank and the immediate winding down of the firm’s operations.

The press release states that Silvergate believes the wisest course of action is a voluntary liquidation of the Bank and an orderly winding down of its operations due to recent regulatory and industry developments.

All deposits will be fully reimbursed as part of the wind down process.

The Silvergate Exchange Network (SEN), which Silvergate Bank had previously announced on its website on March 3rd, 2023, will also be discontinued. The press release states that all other deposit-related services will remain operational.

Silvergate bank will work with Cravath, Swaine & Moore LLP as its legal advisor, Centerview Partners LLC as its financial advisor, and Strategic Risk Associates for transition project management assistance.

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