According to a U.S. Securities and Exchange Commission filing released Tuesday (Aug. 15), the chief executives of failed Silvergate Capital are leaving the company.
Silvergate Capital President and Chief Executive Officer Alan J. Lane and Chief Legal Officer John M. Bonino will both depart from their positions effective Tuesday. Chief Financial Officer Antonio Martino will leave his role on Sept. 30.
According to the SEC filing, “Lane, Bonino and Martino will not be entitled to any further compensation under each of their respective employment agreements, but each will receive certain severance benefits provided to bank employees being discharged in the course of the bank liquidation.”
The announcement comes amid Silvergate entering the next phase of its voluntary liquidation. It collapsed in March after customers began withdrawing deposits from the cryptocurrency-friendly bank following the cryptocurrency crash caused by FTX’s downfall.
In light of the three executives’ departures, the company has announced Chief Transition Officer Kathleen M. Fraher will become Silvergate Capital Corporation’s principal executive officer, and Chief Accounting Officer Andrew Surry will be the corporation’s principal financial officer. Both Fraher and Surry will retain their current titles and the filing said the additional duties would be for official SEC filing purposes.
The filing also said, “Lane, Bonino and Martino have each advised the company that their respective departures from the company and the bank were not the result of any dispute or disagreement with the company, the bank or the respective board of directors on any matter relating to the operations, policies or practices of the company or bank.”
No new CEO or president shall be named because the company announced its plans to wind down Silvergate Bank and take it through voluntary liquidation.
The collapse of Silvergate and Signature Bank in March has left companies that had relied upon the crypto-friendly institutions scrambling to find alternative sources of funding.
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