According to Odaily Planet Daily, the U.S. Federal Reserve has announced the termination of its enforcement actions against California-based Silvergate Bank and its holding company Silvergate Capital Corporation.

The Federal Reserve’s enforcement action ensured that Silvergate Bank was liquidated and wound down in a manner that protected depositors as of May 2023. Since then, Silvergate Bank has completed its liquidation and winding-down plan, repaid all customers’ deposits, and is no longer operating as a bank.