Crypto related lender/bank Silvergate Capital (SI) has announced that they will be liquidating Silvergate Bank. The company claims all all deposits will be covered.
Silvergate has NOT announced the status of the 5.375% preferred shares they issued in July, 2021. This was a $200 million share issue—most likely up in smoke–but we will await further information.
At issuance this issue was rate Ba3 by Moody’s and BBB- by Kroll.