Silvergate Capital reduces board size to 5-7 after director Lane departure

Silvergate Capital Corp

Director Alan J. Lane departed board on Aug 15, 2023; departure was not due to any dispute.
Board amended bylaws effective Aug 25, 2023: minimum board size reduced from 7 to 5.
Maximum board size reduced from 13 to 7 to align with reduced board composition.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Silvergate Capital Corp: Amended Bylaws to reduce minimum board size from seven to five and maximum board size from thirteen to seven following director departure (effective 2023-08-25).

Change: bylaw amendment
Effective: 2023-08-25

Exact text from the filing

On August 25, 2023, the board of directors (the “ Board ”) of Silvergate Capital Corporation (the “ Company ”) amended the Company’s Amended and Restated Bylaws (the “ Bylaws ”), which amendment became effective on that date, in order to address the recent departure of Alan J. Lane, a former member of the Board, on August 15, 2023, by reducing the minimum size of the Board from seven to five and by reducing the maximum size of the Board from thirteen to seven.

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Source: SEC EDGAR

accession 0000950157-23-000906

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