Key Points:
According to documents filed with the U.S. Securities and Exchange Commission (SEC), CEO and chairman Alan Lane and chief legal officer John Bonino left on August 15, and chief financial officer Antonio Martino will leave the company and resign on September 30.
Three executives will receive severance packages. Following Lane’s departure, Silvergate’s chief risk officer, Kathleen Fraher, will act as the company’s “director of transition” and the bank. Chief Accountant Andrew Surry will assume the position of Chief Financial Officer.
Silvergate said it would not appoint a chairman, chief executive officer, and chief financial officer at this time due to the bank’s planned liquidation.
As previously reported, Silvergate announced in March this year that it would cease operations and voluntarily liquidate the bank. The company has announced that it will end its operations in an orderly manner and by applicable regulatory procedures.
Have a plan for closing and liquidation that includes a full refund of all deposits while considering the best way to resolve claims and preserve the residual value of assets, including know-how and holding tax.
Centerview Partners LLC acts as financial advisor, Cravath, Swaine & Moore LLP acts as legal advisor, and Strategy Risk Associates provides transformational project management assistance. According to information on the FDIC’s website, this is the first bank failure in the U.S. since 2020.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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