Odaily News: Three executives are leaving Silvergate, a failed and cryptocurrency-friendly bank. According to documents with the Securities and Exchange Commission, CEO and President Alan Lane and Chief Legal Officer John Bonino will leave the company on August 15. Silvergate's Chief Financial Officer Antonio Martino will resign before September 30.

These three executives will receive a severance package but will no longer receive compensation from the company. Kathleen Fraher, the Chief Risk Officer of Silvergate, will assume the role of "Chief Transition Officer" for both the company and the bank after Lane's departure. Andrew Surry, the Chief Accountant, will assume the responsibilities of the Chief Financial Officer. The company stated, "Currently, the company does not anticipate appointing a President and CEO of the company, a CEO of the bank, or a Chief Financial Officer for the company and the bank, given plans to pursue bank liquidation."