LA JOLLA, Calif., Aug. 7, 2012 /PRNewswire/ -- Silvergate Bank announced today that it has received approval from the Government National Mortgage Association ("Ginnie Mae") to issue Ginnie Mae Home Equity Conversion Mortgage ("HECM") backed securities ("HMBS"). The Bank plans to complete its first Ginnie Mae HMBS securitization in September 2012.
"Obtaining Ginnie Mae HMBS Issuer approval has been an important objective for us since entering the reverse mortgage lending business late last year to take advantage of market opportunities and to provide further diversification for Silvergate Bank beyond our core business banking activities," said Alan J. Lane, the Bank's president and chief executive officer. "Our approval by Ginnie Mae after a comparatively brief application period enhances our ability to build on the progress we have already achieved this year in increasing our acquisitions and sales of HECM loans."
About Silvergate Bank
Silvergate Bank is a San Diego-based bank that specializes in meeting the needs of small businesses through a comprehensive offering of lending products and personalized banking services. Silvergate Bank opened in 1988 and is a subsidiary of Silvergate Capital Corporation. Bank branches are located in Carlsbad, Escondido, La Jolla, La Mesa, and Lancaster. Silvergate Bank's headquarters office is located at 4275 Executive Square, Suite 800, La Jolla, CA 92037. The Bank's website is www.silvergatebank.com.
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. When used in this release, the words or phrases such as "will continue," "is anticipated," "estimate," "expect," "projected," "believe," "seeking," or similar expressions, are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers should not place undue reliance on the forward-looking statements, which reflect views only as of the date hereof. Neither Silvergate Capital Corporation nor Silvergate Bank undertakes any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
SOURCE Silvergate Bank