{"id":16983,"date":"2023-01-27T17:07:41","date_gmt":"2023-01-27T17:07:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/silvergate-suspends-payment-of-dividend-on-preferred-stock\/"},"modified":"2023-01-27T17:07:41","modified_gmt":"2023-01-27T17:07:41","slug":"silvergate-suspends-payment-of-dividend-on-preferred-stock","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/silvergate-suspends-payment-of-dividend-on-preferred-stock\/","title":{"rendered":"Silvergate suspends payment of dividend on preferred stock"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674834801727-28ecb23a-5fb3-43ec-bfb9-20ae2aaa6156-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674834801727-28ecb23a-5fb3-43ec-bfb9-20ae2aaa6156-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674834801727-28ecb23a-5fb3-43ec-bfb9-20ae2aaa6156-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674834801727-28ecb23a-5fb3-43ec-bfb9-20ae2aaa6156-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li dir=\"ltr\">Crypto-friendly bank Silvergate announced its suspended payment of dividends on its series A preferred stock.<\/li>\n<li dir=\"ltr\">The company\u2019s shares fell more than 11% pre-market after the announcement.<\/li>\n<li dir=\"ltr\">Silvergate reported a $1 billion loss in the fourth quarter and also cut its staff by 20% amid the crypto bear market and impact of FTX collapse.<\/li>\n<\/ul>\n<p dir=\"ltr\">Silvergate, a crypto-friendly bank that\u2019s lately hit a rough stretch following the collapse of crypto exchange FTX, has suspended dividend payment on its preferred stock.<\/p>\n<p dir=\"ltr\">Specifially, the crypto bank says it is suspending payment of dividends on the its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. The US-based company is taking the move to help preserve capital following the effects of recent turbulence across the <a href=\"https:\/\/coinjournal.net\/\">crypto ecosystem<\/a>.<\/p>\n<p dir=\"ltr\">\u201c<em>This decision reflects the company\u2019s focus on maintaining a highly liquid balance sheet with a strong capital position as it navigates recent volatility in the digital asset industry<\/em>,\u201d the firm said in a <a href=\"https:\/\/ir.silvergate.com\/news\/news-details\/2023\/Silvergate-Suspends-Series-A-Preferred-Stock-Dividend\/default.aspx\" rel=\"noopener noreferrer\" target=\"_blank\">press release<\/a>.<\/p>\n<p dir=\"ltr\">According to the news release, the Board of Directors will re-examine the company\u2019s payment of quarterly dividends at a later date, with this dependent on how \u201c<em>market conditions evolve<\/em>.\u201d<\/p>\n<h2 dir=\"ltr\">Silvergate shares fall sharply<\/h2>\n<p dir=\"ltr\">Following Friday\u2019s news, shares of parent company Silvergate Capital (NYSE:SI) fell more than 11% in early morning trading, hitting lows of $12.55.<\/p>\n<p dir=\"ltr\">Despite a decent run for crypto in the last few weeks, where Bitcoin broke above $23k, Silvergate\u2019s shares have struggled amid negative sentiment.<\/p>\n<p dir=\"ltr\">At the time of writing, the shares were trading at around $12.93, still more than 8% down on the day. The company\u2019s stock is down nearly 27% year-to-date, with the losses coming on the back of a brutal bear market for the broader cryptocurrency industry.<\/p>\n<p dir=\"ltr\">As previously <a href=\"https:\/\/coinjournal.net\/news\/silvergate-plunges-after-crypto-meltdown-triggered-deposit-run\/\">highlighted<\/a>, Silvergate reported a $1 billion loss during the fourth quarter and moved to slash its workforce by 20% as the negative impact of FTX\u2019s implosion hit the company.\u00a0<\/p>\n<p dir=\"ltr\">The crypto bank also reported that customer digital assets deposits had fallen significantly as uncertainty swept through the crypto market.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/crypto-bank-silvergate-suspends-preferred-stock-dividend\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Crypto-friendly bank Silvergate announced its suspended payment of dividends on its series A preferred stock. The company\u2019s shares fell more than 11% pre-market after the announcement. Silvergate reported a $1 billion loss in the fourth quarter and also cut its staff by 20% [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":16984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16983"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16983"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16984"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}