Silvergate suspends Series A preferred stock dividend
Silvergate Capital Corporation (NYSE:SI), a provider of financial infrastructure solutions to the digital asset industry, today announced that it has suspended the payment of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, in order to preserve capital.
This decision reflects the company’s focus on maintaining a highly liquid balance sheet with a strong capital position as it navigates recent volatility in the digital asset industry. The company says it continues to maintain a cash position in excess of its digital asset customer related deposits.
Silvergate’s Board of Directors will re-evaluate the payment of quarterly dividends as market conditions evolve.
Silvergate had earlier posted announcements about limited exposure to bankrupt crypto companies Genesis, FTX and BlockFi.