Silvergate CEO departs, with CFO leaving by the end of September

Three C-suite executives at the failed, crypto-friendly bank Silvergate are departing the company. 

CEO and President Alan Lane and Chief Legal Officer John Bonino are leaving the company as of Aug. 15, according to a filing with the Securities and Exchange Commission. Antonio Martino, Silvergate's Chief Financial Officer, will step down by Sept. 30.

The three executives will receive a severance package but will no longer receive compensation from the company. 

Kathleen Fraher, Silvergate's Chief Risk Officer, will step up as “Chief Transition Officer” of the company and bank following Lane’s departure. Chief Accounting Officer Andrew Surry will step up to fulfill principal financial officer duties.

"At this time, the Company does not expect to appoint a President and Chief Executive Officer of the Company, a Chief Executive Officer of the Bank or a Chief Financial officer of the Company and the Bank in light of the plan to pursue the Bank Liquidation," the firm wrote. 

Silvergate's downfall

Silvergate was widely known as a crypto-friendly bank with its Silvergate Exchange Network that enabled crypto and fiat transactions between crypto exchanges and institutional investors.

However, after legislators slammed Silvergate for failing to control transactions between the now defunct Alameda Research and FTX, the firm revealed a $1 billion net loss in 2022's fourth financial quarter as the firm's major clients such as Coinbase severed ties with it. 

Silvergate suspended SEN five days before it announced that it would wind down operations and voluntarily liquidate its bank in March of this year.