According to PANews news on June 2, according to The Block, Silvergate Bank has agreed to the order of the Federal Reserve and will submit a self-liquidation plan to the California financial regulator within 10 days. The Federal Reserve Board of Governors announced the order on Wednesday as part of the process to close Silvergate. The bank must preserve cash and other resources to compensate depositors. California's Department of Financial Protection and Innovation must approve a plan to liquidate Silvergate's assets. Silvergate announced it would cease operations in March this year. The Fed’s order noted that recent inspections of Silvergate by state regulators and officials from the San Francisco Fed “found numerous deficiencies in its safety, soundness and compliance.” The Fed statement noted that Silvergate executives voluntarily agreed to all elements of the enforcement action. Any bonuses, promotions or severance packages for executives must be approved by regulators as part of the order.