Silvergate Bank’s parent company, Silvergate Capital, is set to be delisted from the New York Stock Exchange, and 230 of its staff will be let go.
Silvergate Capital announced in a filing to the US Securities and Exchange Commission that staff will be “separated” starting May 12, with the NYSE suspending trading in its stock, and delisting to commence “shortly.”
After the staff cut, “approximately 80 officers and employees” will be left behind to continue Silvergate Bank’s liquidation process.
The firm cited “challenges” due to “continuous developments relating to regulatory and other inquiries and investigations that are pending” and liabilities from legal action and the bank’s liquidation process.
As a result, the company is unable to file legally required financial reports for the 2022 fiscal year and the first quarter of 2023, and “does not expect to be able” to file any similar reports in the future. The staff cut is expected to cost Silvergate approximately $13.6 million.