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

Rhea-AI Summary

The Stilwell Group, owning 12.4% of Silvergate Capital (OTC: SICP, SICPQ, SICPL), commented on the results of Silvergate's 2024 Annual Meeting held on September 27. Joseph Stilwell was elected to the board with over 10.5 million votes, representing more than 95% of shares voted. In contrast, legacy directors received just over 1 million votes and were notably absent from the meeting.

The press release highlights that four legacy directors oversaw Silvergate Bank's demise and previous management charged by the SEC with 'negligence-based fraud'. Joseph Stilwell stated his commitment to maximizing value for common shareholders. The release also mentions Cravath, Swaine & Moore LLP's role as lead counsel during litigation and failed attempts to stop the Annual Meeting.

Positive

• Joseph Stilwell elected to Silvergate's board with overwhelming shareholder support (95% of votes)
• Potential for new leadership to maximize shareholder value

Negative

• Legacy directors associated with Silvergate Bank's demise and management charged with 'negligence-based fraud' by SEC
• Company faced multiple failed attempts to stop the Annual Meeting, indicating internal conflicts
• Ongoing litigation suggests potential legal and financial risks

NEW YORK, Sept. 30, 2024 /PRNewswire/ -- The Stilwell Group ("Stilwell"), a beneficial owner of 12.4% of Silvergate Capital Corporation ("Silvergate" or the "Company") (OTC: 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

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[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

View original content:https://www.prnewswire.com/news-releases/the-stilwell-group-comments-on-the-results-of-silvergates-2024-annual-meeting-302262005.html

SOURCE The Stilwell Group

FAQ

What was the outcome of Silvergate Capital 's (SICP) 2024 Annual Meeting?

Joseph Stilwell was elected to Silvergate's board with over 10.5 million votes, representing more than 95% of shares voted. Legacy directors received just over 1 million votes and did not attend the meeting.

How much of Silvergate Capital (SICP) does The Stilwell Group own?

The Stilwell Group is a beneficial owner of 12.4% of Silvergate Capital (OTC: SICP, SICPQ, SICPL).

What issues did Silvergate Capital (SICP) face with its previous management?

The Securities and Exchange Commission charged Silvergate's previous management with committing 'negligence-based fraud,' according to the press release.

What is Joseph Stilwell's stated goal for Silvergate Capital (SICP)?

Joseph Stilwell stated that he will work to maximize value for the common shareholders of Silvergate Capital