Silvergate Announces Pricing of Initial Public Offering of Common Stock

LA JOLLA, Calif.–(BUSINESS WIRE)–Silvergate Capital Corporation (“Silvergate” or the “Company”), today announced the pricing of its initial public offering of 3,333,333 shares of its Class A common stock at a public offering price of $12.00 per share. Of the offered shares, 824,605 shares are being offered by Silvergate and 2,508,728 shares are being offered by selling shareholders. The selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 499,999 shares of its common stock. Silvergate’s common stock is expected to begin trading on the New York Stock Exchange under the trading symbol “SI” on Thursday, November 7, 2019. The offering is expected to close on November 12, 2019, subject to customary closing conditions.

Silvergate intends to use the net proceeds from the proposed offering to fund organic growth and for general corporate purposes, which could include repayment of long-term debt, future acquisitions and other growth initiatives. Silvergate will not receive any proceeds from the sale of shares of common stock by the selling shareholders in the offering.

Barclays and Keefe, Bruyette & Woods, A Stifel Company are acting as joint lead book-running managers. Sandler O’Neill + Partners, L.P. and Compass Point are also acting as book-running managers, with Galaxy Digital Advisors LLC and Performance Trust Capital Partners, LLC, acting as co-managers for the offering.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847, or by email at barclaysprospectus@broadridge.com, or from Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by calling (800) 966-1559.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on November 6, 2019. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Silvergate

Silvergate Capital Corporation is a registered bank holding company for Silvergate Bank, headquartered in La Jolla, California. Silvergate Bank is a commercial bank that opened in 1988, has been profitable for 21 consecutive years, and has focused its strategy on creating the banking platform for innovators, especially in the digital currency industry, and developing product and service solutions addressing the needs of entrepreneurs. As of September 30, 2019, Silvergate had total assets of $2.1 billion, total deposits of $1.8 billion, and total stockholders’ equity of $230.6 million.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements reflect Silvergate’s current views with respect to, among other things, the commencement and completion of the initial public offering of its common stock. Any statements about Silvergate’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “projects”, “can”, “ongoing”, “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Silvergate cautions that the forward-looking statements in this press release are based largely on Silvergate’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond Silvergate’s control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and Silvergate does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by law.