Source: The Federal Reserve Board
The Federal Reserve Board announced Friday the termination of an enforcement action against Silvergate Bank and its holding company Silvergate Capital Corporation, both of La Jolla, California.
The board’s enforcement action, in effect since May 2023, ensured that Silvergate would liquidate and wind down operations in a manner that protected the bank’s depositors. Since then, Silvergate has completed its liquidation and resolution plan, returned all deposits to its customers and is no longer operating as a bank.
Earlier this year, the board fined Silvergate a separate $43 million for failing to comply with anti-money laundering laws.