The once crypto-supportive Silvergate Bank is undergoing significant leadership changes, with its CEO Alan Lane and two other top executives set to leave. According to a recent announcement, Lane, along with the bank’s chief legal officer John Bonino, will step down on August 15. Following them, Antonio Martino, the bank’s chief financial officer, will leave his position on September 30.
This information, revealed in a filing to the Securities and Exchange Commission on August 15, comes as part of Silvergate Capital’s (the parent company of Silvergate Bank) already announced intentions to cease operations and voluntarily liquidate the bank.
Interestingly, Silvergate Capital has clarified that, in line with their employment contracts, none of the exiting executives will receive any additional compensation. However, they will be granted severance packages.
This shake-up in the leadership team occurs against a backdrop of looming legal challenges for the bank. Silvergate, including Lane, is currently the focus of various proposed lawsuits. Most of these legal actions pivot around the bank’s alleged involvement in the controversial actions of the crypto exchange, FTX.