Silvergate Capital Corp: restructuring charge — Silvergate to lay off ~230 employees, halt SEC filings, faces NYSE delisting as bank liquidation continues

Silvergate Capital Corp

Approximately 230 employees terminated May 12; further reductions through Nov 2023, leaving ~80 for liquidation.
Total restructuring costs estimated at $13.6M ($10.7M severance/retention, $2.8M benefits).
Company will not file 2022 10-K or future periodic reports; NYSE suspended trading and will commence delisting.
Bank completed sale of all debt securities and fully repaid FHLB borrowings; cash exceeds remaining deposit liabilities.
Contingent liabilities from regulatory inquiries and litigation remain unquantified.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Silvergate Capital Corp announced a restructuring with charges of approximately $13.6 million affecting Silvergate Bank (approximately 230 employees).

Type: restructuring
Charge: approximately $13.6 million
Affected area: Silvergate Bank
Headcount: approximately 230 employees

Exact text from the filing

The Company estimates aggregate costs associated with these reductions in force of approximately $13.6 million, including approximately $10.7 million in severance and retention bonus payments and $2.8 million in employee benefits and job placement expenses.

View on SEC.gov

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Source: SEC EDGAR

accession 0000950157-23-000471

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