Silvergate Capital Chief Executive Alan Lane and other executives are leaving the company amid the wind down and liquidation of Silvergate Bank.
Lane and Chief Legal Officer John Bonino will both leave, effective Tuesday. Chief Financial Officer Antonio Martino will exit, effective Sept. 30. The company said in a securities filing that it doesn’t expect to name another CEO or CFO as it seeks to liquidate Silvergate Bank.
Kathleen Fraher, the company’s current chief transition officer, will serve as principal executive officer, effective following Lane’s departure.
Andrew Surry, chief accounting officer of Silvergate Bank, will serve as the company’s principal financial officer following the departure of Martino.
Silvergate, which focused on companies in the crypto industry, said earlier this year it would wind down and return all deposits following a run that forced it to sell off assets at a steep loss to cover billions of dollars of withdrawals.
Also:
Silvergate Capital announces departures of CEO, CFO, legal chief
Alan Lane, CEO of both the holding company and the bank, and John Bonino, chief legal officer of the company and the bank, no longer held those positions effective Tuesday. Effective Sept. 30, Antonio Martino, CFO of both the company and bank, will depart from those positions, Silvergate said.
In the filing, the company said the executives will “no longer be entitled to any further compensation under each of their respective employment agreements, but each will receive certain severance benefits provided to bank employees being discharged in the course of the bank liquidation.”
Silvergate said Kathleen Fraher, chief transition officer of the company and the bank, now serves as the company’s principal executive officer, while Andrew Surry, chief accounting officer of the bank, will serve as the company’s principal financial officer when Martino leaves.
Shares of Silvergate were unchanged after hours, following a 35% rise to close Tuesday at 30 cents a share. Year to date, Silvergate shares have shed 98%, and had once closed as high as $222.13 back on Nov. 3, 2021, according to FactSet data.
Citadel 13G discloses new 5.5% stake in Silvergate Capital.
Citadel Securities is now the owner of roughly 1.73 million shares or a 5.5% stake in Silvergate, valued at $25 million based on Monday’s closing price of $14.71.
TLDRS:
- Silvergate Capital CEO Alan Lane to Exit as Crypto Bank Winds Down
- Citadel Securities is the owner of roughly 1.73 million shares or a 5.5% stake in Silvergate