Confidential Silver State Bancorp Update - for your eyes only - do not pass on

[grantcart]

update following the initial thread http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6544389

This weekend Andrew McCain abruptly resigned from the Silver State Bancorp Board of Directors

http://www.reuters.com/article/pressRelease/idUS51176+2...
Silver State Bancorp (NASDAQ:SSBX), the holding company for Silver
State Bank, announced today that Andrew K. McCain submitted his
resignation today as a director on the Boards of Directors of Silver
State Bancorp and Silver State Bank, citing personal reasons.

Mr. McCain previously served as a director of Choice Bank in
Scottsdale, Arizona from 2006 to April 1, 2008 when Choice Bank merged
into Silver State Bank. Mr. McCain had been appointed to the Boards of
the Company and Silver State Bank in February, 2008 and had served on
the Audit Committee. Mr. McCain has recently been appointed Chairman
of the Greater Phoenix Chamber of Commerce, effective this month.

A spokesperson for the Company stated that the Company wishes him
the very best in all his present and future endeavors.



It was also disclosed that while several other Nevada Banks have had some difficulty the exact nature of Silver State liquidity and solvency is as yet unknown because their 2nd quarter results are not out.


Here are some interesting statistics

On April 1st when Andrew McCain joined the Board the share price was $ 8.70

It has steadily declined ( you can manipulate the graph here to see exactly what the change is http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&

On May 15th it had lost 1/2 its value and closed at $ 4.10

On July 1st it had lost another 1/2 (or 75% since April 1st) and closed at $ 2.00

On Friday it dipped lower than 1.5 and today it has sunk down to $ 1.10

Since Andrew McCain joined the board this Bank has lost 87% of its total capitalization


The shareholders who have lost over $ 115 million since he left hopes that he does well with his "personal reasons for leaving."


This information is not intended as an advice to buy, hold or sell any stock. It is for your personal entertainment only.


Please do not pass this information on.

[DJ13]

1. Since Andrew McCain joined the board this Bank has lost 87% of its total capitalization

Are we sure the McCain's and the Bush's dont have a shared ancestry?

[cliffordu]

13. Yep. Out of the same band o' chimps. Look at their thumbs.

[zeemike]

2. What is that thing where you make money when a stock goes down?

Is it called selling short?
You borrow the stock at 8.15 and sell it and later buy it back at 1.10 and make a killing.
Perhaps Andrew was just a facilitator in a scheme to fleece the stockholders out of their money.
Somehow these big guys always make money.

[grantcart]

3. well yes but as a director that would get you a jail sentence regardless of who

your father was.

[zeemike]

4. Yes but not if it was your buddies that were doing it.

And they kicked back some by getting you an appointment to some board with a fat pay check and golden parachute.
They did not pay you but the stock holders did which is on who the crime is committed.

[Coexist]

5. so Andrew McCain is George Bush's alter ego?

is that what you're saying?

[nc4bo]

6. I'm probably misjudging the situation...........

The entire fooking thing stinks like 30 day old fish left in the sun and rain, then beaten with a rock til it pulverizes then sits in the sun for another 30 days while black moldy sea fungus begins to grow all over it.

yea, it really stinks.

I will not be entertained and since I'm not entertained properly, I could never pass this on to any one else.

[nc4bo]

7. almost forgot not to recommend. nt

[Muttocracy]

8. good thing I'm not reading this!nt

[scarletwoman]

9. I will not read this or recommend this or kick this. Plausible deniability is where it's at. (nt)

[rainbow4321]

10. Aaaacchhhooooo

http://asternglance.com/2008/07/01/silver-state-bank-sues-state-of-nevada-lvrj/



Damn, the mouse got in the way of the tissue box..(note to self: move mouse arrow awaaay from post message option. Hate it when that happens).

[nc4bo]

11. *cough* how *cough*precious*cough* and Bless you. nt

[ChimpersMcSmirkers]

12. Maybe McCranky can get some more mortgage banking policy advice from sonny.