Davis Polk advised the representatives of the several underwriters in connection with the $40 million initial public offering of 3,333,333 shares of Class A common stock of Silvergate Capital Corporation, of which 824,605 shares were issued and sold by Silvergate and 2,508,728 shares were sold by the selling stockholders. The Class A common stock is listed on the New York Stock Exchange under the symbol “SI.”
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, 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.
The Davis Polk capital markets team included partners Michael Kaplan and Derek Dostal and associates Stephen A. Byeff and Charles York. The financial institutions team included partner Jai R. Massari and associate Nuveen Dhingra. The tax team included partner Rachel D. Kleinberg. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the New York, Washington DC and Northern California offices.