SI Silvergate Capital Corporation

ITEM 4.01          CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT.

On May 22, 2023, in connection with the previously reported determination by Silvergate Capital Corporation (the “Company”) that it is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 10-K”) and does not expect to be able to file any subsequent periodic reports required by Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the audit committee of the Company’s board of directors approved the dismissal of Crowe LLP (“Crowe”) as the Company’s independent registered public accounting firm.

Crowe’s report on the Company’s consolidated financial statements for the fiscal year ended December 31, 2021 did not contain any adverse opinion or disclaimer of opinion, nor was such report qualified or modified as to uncertainty, audit scope or accounting principles.  As previously disclosed in the Form 8-K, NT 10-K/A and NT 10-Q, each filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 11, 2023, in light of the continuous developments relating to the regulatory and other inquiries and investigations that are pending with respect to the Company and Silvergate Bank (the “Bank”), the potential liabilities resulting from various litigation with respect to the Company (including private litigation) and the efforts to wind down operations and voluntarily liquidate the Bank, the Company was unable to obtain or provide the information necessary for Crowe to complete its audit procedures for the 2022 10-K.  Therefore, Crowe was unable to complete its audit procedures for the 2022 10-K and Crowe did not provide any report on the financial statements for the fiscal year ended December 31, 2022.

During the Company’s fiscal years ended December 31, 2022 and 2021, and the subsequent interim period through May 22, 2023, there were: (i) no disagreements between the Company and Crowe on any matter of accounting principles or practices, financial statement disclosures or auditing scope or procedure, which disagreements, if not resolved to Crowe’s satisfaction, would have caused Crowe to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such years; and (ii) no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K under the Exchange Act.

The Company has provided Crowe with a copy of the foregoing disclosure made by the Company in response to Item 304(a) of Regulation S-K under the Exchange Act and requested that Crowe furnish the Company with a letter addressed to the SEC stating whether or not it agrees with such disclosure and, if not, stating the respects in which it does not agree.  A copy of Crowe’s letter, dated May 22, 2023, is filed as Exhibit 16.1 to this report.