Silvergate Capital Corp on Wednesday announced plans to wind down operations and to voluntarily liquidate Silvergate Bank in an orderly fashion.
Silvergate Bank’s wind down and liquidation plan includes full repayment of all deposits, Silvergate Capital said.
The holding company is also mulling how best to resolve claims and preserve the residual value of its assets, including proprietary technology and tax assets.
Additionally, Silvergate Bank has decided to discontinue the Silvergate Exchange Network, which was announced on March 3rd on its website.
In relation with the plan, Centerview Partners LLC acted as financial advisor for Silvergate Capital, Cravath, Swaine & Moore LLP provided legal counsel and Strategic Risk Associates provided transition project management assistance.
The shares of Silvergate Capital Corp (SI) closed 5.76% ($0.30) lower at $4.91 in New York on Wednesday, with the company’s total market cap now standing at $155.444 million.
The shares of Silvergate Capital Corp have retreated 71.78% so far this year, following another 88.26% slump in 2022.
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