Silvergate Capital Corp., parent firm of Silvergate Bank in La Jolla, says it has completed a common stock private placement that raised $13.8 million in gross proceeds.
Lead investors in the transaction were Partner Reinsurance Co. Ltd., a subsidiary of PartnerRe Ltd., and Commerce Street Financial Partners LP.
The increased capital would boost Silvergate Bank’s leverage capital ratio on a pro forma basis using figures for Nov. 30 to more than 16 percent (5 percent is considered well-capitalized), and its total risk-based capital ratio to above 21 percent (10 percent is well-capitalized).
Silvergate Capital received a capital increase in August when it got $12.4 million on the sale of senior preferred stock to the U.S. Treasury through a Small Business Lending Fund program. That program was aimed at banks with less than $1 billion in assets to increase lending to small businesses.
— Mike Allen
