Silvergate Capital CEO Alan Lane to Exit as Crypto Bank Winds Down

By Will Feuer

Silvergate Capital Chief Executive Alan Lane and other executives are leaving the company amid the wind down and liquidation of Silvergate Bank.

Lane and Chief Legal Officer John Bonino will both leave, effective Tuesday. Chief Financial Officer Antonio Martino will exit, effective Sept. 30. The company said in a securities filing that it doesn't expect to name another CEO or CFO as it seeks to liquidate Silvergate Bank.

Kathleen Fraher, the company's current chief transition officer, will serve as principal executive officer, effective following Lane's departure.

Andrew Surry, chief accounting officer of Silvergate Bank, will serve as the company's principal financial officer following the departure of Martino.

Silvergate, which focused on companies in the crypto industry, said earlier this year it would wind down and return all deposits following a run that forced it to sell off assets at a steep loss to cover billions of dollars of withdrawals.

Write to Will Feuer at [e-mail]

(END) Dow Jones Newswires

August 15, 2023 18:29 ET (22:29 GMT)

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