Key Points:
Three Silvergate executives are leaving the company this month and next.
The decision to leave was made after declaring bankruptcy and voluntary liquidation.
In March of this year, the bank with crypto shocked the market with the news that it was facing a financial crisis following the rapid collapse of FTX.
According to Bloomberg, three Silvergate Bank executives will leave before September 30 after the company collapsed in March because of the rapid collapse of FTX.
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 Laneâs departure, Silvergateâs chief risk officer, Kathleen Fraher, will act as the companys âdirector of transitionâ 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 banks 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 FDICs website, this is the first bank failure in the U.S. since 2020.