The Bank Slate


Silvergate CEO departs as liquidation continues

Silvergate Capital in La Jolla, Calif., which is in the midst of voluntarily winding down its operations, announced the departure of CEO Alan Lane.

The company disclosed in a regulatory filing that Lane also resigned as president, effective Aug. 15. John Bonino, Silvergate’s chief legal officer, also stepped down.

Antonio Martino, the company’s chief financial officer, is leaving on Sept. 30.

Lane, Bonino and Martino are not entitled to any further compensation, the company said.

Silvergate does not plan to appoint a new CEO or CFO “in light of the plan to pursue the bank liquidation,” the filing said.

Kathleen Fraher, Silvergate’s chief transition officer, became principal executive officer for filing to the Securities Exchange Commission. Andrew Surry, chief accounting officer, will serve as the principal financial officer.

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