Holland & Knight Represents Silvergate in IPO

WASHINGTON (November 12, 2019) – Holland & Knight represented Silvergate Capital Corporation in its initial public offering of 3.3 million shares of its Class A common stock at a public offering price of $12 per share. Of the offered shares, 824,605 shares were offered by Silvergate and 2,508,728 shares were offered by selling shareholders. Silvergate's common stock began trading on the New York Stock Exchange on November 7 under the trading symbol "SI."

Silvergate intends to use the net proceeds from the offering to fund organic growth and for general corporate purposes.

Silvergate Capital Corporation is a registered bank holding company for Silvergate Bank, headquartered in La Jolla, California. Silvergate Bank is a commercial bank that focuses its strategy on creating a banking platform for innovators, especially in the digital currency industry, and developing product and service solutions addressing the needs of entrepreneurs.

Holland & Knight Partners Kevin Houlihan and William Levay and Associate Benjamin St. Angelo led the firm's representation of Silvergate in the transaction.

Barclays and Keefe, Bruyette & Woods acted as joint lead book-running managers. Sandler O'Neill + Partners, L.P. and Compass Point also acted as book-running managers, with Galaxy Digital Advisors LLC and Performance Trust Capital Partners, LLC, acting as co-managers for the offering.