Silvergate Capital announced on Wednesday that it will wind down operations and liquidate Silvergate Bank.
"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 company said in a statement.All deposits will be fully repaid, according to a liquidation plan shared on Wednesday afternoon. It is unclear, however, how Silvergate plans to resolve claims against its business.
Centerview Partners will act as Silvergate's financial advisor and Cravath, Swaine & Moore will provide legal services.
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