---
schema_version: "secwatch.filing_event.v1"
accession: "0000950157-23-000471"
form_type: "8-K"
ticker: null
cik: "0001312109"
company_name: "Silvergate Capital Corp"
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T03:41:56.448407+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Silvergate to lay off ~230 employees, halt SEC filings, faces NYSE delisting as bank liquidation continues

## Summary
- 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.

## SEC filing metadata
- accession: 0000950157-23-000471
- form_type: 8-K
- cik: 0001312109
- company_name: Silvergate Capital Corp
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.05, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1312109/000095015723000471/0000950157-23-000471-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1312109/000095015723000471/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950157-23-000471
- JSON: https://secwatch.observer/filing/0000950157-23-000471.json
- Plain text: https://secwatch.observer/filing/0000950157-23-000471.txt

## Key facts
- Restructurings & Charges
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1312109/000095015723000471/0000950157-23-000471-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.