Silvergate Capital Corp. SICP, as part of its plan to wind down operations and liquidate assets of Silvergate Bank, announced departure plans for its chief executive and chief financial officer in a filing with the Securities and Exchange Commission late Tuesday. The company said Alan Lane, CEO of both the holding company and the bank, and John Bonino, chief legal officer of the company and the bank, no longer held those positions effective Tuesday. Effective Sept. 30, Antonio Martino, CFO of both the company and bank, will depart from those positions, Silvergate said. The company said the executives will “no longer 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 company said Kathleen Fraher, chief transition officer of the company and the bank, now serves as the company’s principal executive officer, while Andrew Surry, chief accounting officer of the bank, will serve as the company’s principal financial officer when Martino leaves. Shares of Silvergate were unchanged after hours, following a 35% rise to close Tuesday at 30 cents a share. Back in March, Silvergate was forced to wind down operations of cryptocurrency-friendly Silvergate Bank.
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