PANews reported on March 9 that according to zerohedge, Silvergate Bank holding company Silvergate Capital Corporation announced that it would end operations in an orderly manner and in accordance with applicable regulatory procedures. In view of recent industry and regulatory developments, Silvergate believes that the orderly end of banking operations and voluntary liquidation of the bank is the best way forward. The bank's liquidation and liquidation plan includes full repayment of all deposits, while also considering how to best resolve claims and retain the residual value of its assets, including its proprietary technology and tax assets. It is reported that Centerview Partners LLC will serve as financial advisor, Cravath, Swaine & Moore LLP will serve as legal advisor, and Strategic Risk Associates will provide transition project management assistance. According to information on the FDIC website, this is the first bank failure in the United States since 2020.