Silvergate will liquidate bank, wind down operations

Silvergate Capital Corporation said it will wind down operations and voluntarily liquidate the Silvergate Bank in accordance with applicable regulatory processes.

“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward,” the firm said in a release. “The bank’s wind down and liquidation plan includes full repayment of all deposits. The company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets.”