Bank received capital injection from the Federal Home Loan Bank of San Francisco last year while customers pulled cash from accounts, American Banker reports
Silvergate Capital Corp. drew $4.3 billion in liquidity from the Federal Home Loan Bank of San Francisco late last year as depositors pulled money from the digital currency services bank, according to a report.
As... Silvergate Capital Corp. drew $4.3 billion in liquidity from the Federal Home Loan Bank of San Francisco late last year as depositors pulled money from the digital currency services bank, according to a report. “The housing mission of the Home Loan banks is apparently long gone, since this has nothing to do with housing,” Karen Petrou, managing partner at Federal Financial Analytics, told American Banker. “It has to do with supplementing wholesale funding sources for banks that can’t happen any other way or at greater cost.”
Silvergate Capital continues to face questions over deposit-funding concerns, along with the suspension of its stablecoin initiative — both of which put into question the company’s ability to generate positive earnings, BofA Securities analysts said last week.
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