Earlier this summer, Silvergate Bank was required to submit a detailed liquidation plan following its liquidity crisis caused by the collapse of FTX and other internal issues.
The company’s situation has worsened since then, and now some of its highest-ranked officials stepped down.
Sticking to The Plan
Silvergate Bank was ordered to submit a plan that would prevent executives from leaving the firm with golden parachutes, ensuring as much liquidity as possible would be provided to legitimate customers of the company.
“The Federal Reserve’s order ensures Silvergate will implement its previously announced plan for winding down the bank’s operations in a manner that protects the bank’s depositors and the Deposit Insurance Fund. Silvergate is also prohibited from making capital distributions, dissipating cash assets, and engaging in certain other activities without regulatory approval.”
In accordance with the plan, Silvergate submitted a notice to the SEC today, stating that CE
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