The Federal Reserve Board on Thursday announced a consent order against Silvergate Capital Corporation and Silvergate Bank, both of La Jolla, California, to facilitate the voluntary self-liquidation that Silvergate announced on March 8, 2023. 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.
The Board's action is being taken jointly with the Department of Financial Protection and Innovation of the State of California, the state chartering authority and state supervisor of Silvergate.
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