Silvergate Capital in La Jolla, Calif., plans to wind down operations and voluntarily liquidate its bank.
The $11.4 billion-asset company said in a press release that the effort “is the best path forward” and would include a full repayment of all deposits. Silvergate also said it is considering how best to resolve claims and preserve the residual value of its assets.
Centerview Partners and Cravath, Swaine & Moore will advise Silvergate, while Strategic Risk Associates is providing transition project management assistance.
The California Department of Financial Protection and Innovation said it will facilitate Silvergate’s “safe and expeditious voluntary liquidation.”
The announcement comes just days after Silvergate shut down its crypto exchange network.