Silvergate suspends dividend payment on 5.375% series A preferreds

By Mary-Katherine Stinson

Lexington, Ky., Jan. 27 – Silvergate Capital Corp. announced on Jan. 27 that it has suspended dividend payments on its 5.375% fixed-rate non-cumulative perpetual series A preferred stock in order to preserve capital due to the recent volatility in the digital asset industry, according to an 8-K filing with the Securities and Exchange Commission.

The company’s board of directors will reevaluate the payment of quarterly dividends as market conditions evolve, according to the filing.

The bank holding company is based in La Jolla, Calif.

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