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Silvergate Capital raises $114M from private placement

La Jolla, Calif.-based Silvergate Capital Corp. completed a private placement of 9.5 million common shares, raising gross proceeds of $114 million.

Proceeds will be used to support further growth in unit Silvergate Bank's nationwide deposit and cash management initiative for financial technology companies, as well as its business banking and residential lending activities. They will also be used to fund a one-time stock repurchase of about $11.4 million.

Keefe Bruyette & Woods Inc. and Compass Point Research & Trading LLC acted as placement agents in the offering.