Federal Reserve Board announces termination of enforcement action with Silvergate Bank and its holding company, Silvergate Capital Corporation
July 26, 2024
Federal Reserve Board announces termination of enforcement action with Silvergate Bank and its holding company, Silvergate Capital Corporation
For release at 11:00 a.m. EDT
The Federal Reserve Board on Friday announced the termination of an enforcement action with Silvergate Bank and its holding company, Silvergate Capital Corporation, both of La Jolla, California. The Board's enforcement action, which has been in effect since May 2023, ensured that Silvergate would liquidate and wind down operations in a manner that protected the bank's depositors. Since that time, Silvergate has completed its liquidation and wind-down plan, has paid back all deposits to its customers, and no longer functions as a bank.
Earlier this year, the Board separately fined Silvergate $43 million for noncompliance with anti-money laundering laws.
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