The Stilwell Group Comments on the Results of Silvergate's 2024 Annual Meeting

NEW YORK, Sept. 30, 2024 /PRNewswire/ — The Stilwell Group (“Stilwell”), a beneficial owner of 12.4% of Silvergate Capital Corporation (“Silvergate” or the “Company”) SICP SICPQ, SICPL))), today commented on the outcome of the Company’s September 27, 2024 Annual Meeting of Stockholders (the “Annual Meeting”).

On Friday, September 27, 2024, Joseph Stilwell was elected to the Silvergate board with more than 10.5 million votes, over 95% of the shares voted. The legacy directors received just over 1 million votes. Despite having set the date, time, and place of the Annual Meeting, none of these directors were able to attend the meeting, according to the Company’s lawyer from Cravath, Swaine & Moore LLP.

Four of the legacy directors, Paul D. Colucci, Thomas C. Dircks, Michael T. Lempres (Chairman), and Scott A. Reed, oversaw the demise of Silvergate Bank. They also oversaw previous management whom the Securities and Exchange Commission charged with committing “negligence-based fraud.”[1]

Joseph Stilwell says, “I will work to maximize value for the common holders.”

Cravath, Swaine & Moore LLP has served as lead counsel for the Company during many months of litigation and the Company’s five failed attempts to stop the Annual Meeting.

Investor Contact:
Megan Parisi
(787) 985-2194
mparisi@stilwellgroup.com

[1] See Press Release, SEC Charges Silvergate Capital, Former CEO for Misleading Investors about Compliance Program, Securities and Exchange Commission (July 2, 2024), https://www.sec.gov/newsroom/press-releases/2024-82

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SOURCE The Stilwell Group