Silvergate Says It Paid Off All Remaining Deposit Liabilities

Silvergate Capital Corp., the lender that was first to shut down amid the US regional-bank turmoil earlier this year, said it has fully repaid all remaining deposit liabilities as part of a plan to wind down operations.

Other than small amounts totaling less than $10,000, every depositor has been fully repaid without risk to the US Federal Deposit Insurance Corp.’s Deposit Insurance Fund, Silvergate said in a statement Wednesday. While the La Jolla, California-based bank said it has positive cash and equivalent balances after repaying deposits, it also has potential liabilities resulting from litigation, regulatory matters and investigations.