Silvergate reaches settlement agreements with the federal reserve, the california department of financial protection and innovation, and the securities and exchange commission

LA JOLLA, CA— Today, Silvergate released the following statement after agreeing to settlements with the Board of Governors of the Federal Reserve System (Federal Reserve), the California Department of Financial Protection and Innovation (DFPI), and the Securities and Exchange Commission (SEC):

 

“In early March 2023, Silvergate made a responsible decision to liquidate voluntarily and without government assistance. As of November 2023, all deposits had been repaid to banking customers and Silvergate ceased banking operations soon after. The settlements announced today, which will facilitate the surrender of Silvergate’s bank charter, are part of the Bank’s continued orderly wind down and successfully conclude investigations by the Federal Reserve, DFPI, and SEC.”


July 1, 2024

Media Contact: Jesse Westbrook

Email: [email protected]

Cell: 202-297-1632

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