In a recent press release from the U.S. Federal Reserve Board of Governors, it was disclosed that Silvergate Bank has been given a ten-day deadline to submit a plan outlining its self-liquidation procedure and the systematic cessation of operations. This order from the central bank comes in the wake of Silvergate’s declaration of voluntary liquidation 86 days prior on March 8, and the subsequent collapse of three major banks.
Fed Orders Silvergate Bank to Produce a Self-Liquidation Plan Within 10 Days
Approximately three months ago, Silvergate Bank revealed its decision to willfully dissolve the organization’s assets and cease its operations. Preceding this announcement, the bank grappled with financial troubles causing its shares to nosedive in value. Citing “recent industry and regulatory developments” as the reason for closing, Silvergate assured that their liquidation strategy would “include full repayment of all deposits.”
Following Silvergate’s proclamation, the U.S
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