E*Trade: Andrew McCain's resignation from SSB "not in compliance" with NASDAQ stock drops again

[grantcart]

Moving up the food chain, Now E trade notes that McCains don't follow rules

http://www.tradingmarkets.com/.site/news/Stock%20News/1855257/

Silver State Bancorp No Longer Complies with Audit Committee Rule from Nasdaq

SSBX | Quote | Chart | News | PowerRating -- Silver State Bancorp, the holding company for Silver State Bank, announced that the company received a letter on August 15, from the Nasdaq Stock Market indicating that the company no longer complies with the audit committee composition requirements as set forth in Marketplace Rule 4350.

According to Silver State, the rule requires a listed company to have an audit committee of at least three independent members. As a result of the resignation of Andrew K. McCain from the board of directors on July 26, the company's audit committee has only two independent members. In accordance with Marketplace Rule 4350(d)(4), Nasdaq has provided the company a cure period to regain compliance until the earlier of the company's next annual shareholders' meeting or July 26, 2009; or if the next annual shareholders' meeting is held before January 22, 2009, then the Company must evidence compliance no later than January 22, 2009.



Watch SSB lose market value before your eyes here http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&

[Barack_America]

1. K&R. Tsk, tsk Andrew.

Looks like the apple didn't fall far from the tree when it comes to ethics.

[nc4bo]

2. Hold on....I thought Peckman was going to step up....let me find something about it. nt

ok they're slipping and sliding positions.

Silver State Bancorp Announces Appointment of Phillip C. Peckman to Its Audit Committee and Compliance with Nasdaq Audit Committee Composition Requirements
Business Wire
Posted: 2008-08-26 18:45:00

Silver State Bancorp (NASDAQ: SSBX), the holding company for Silver State Bank, announced today that the Company’s Board of Directors, upon the recommendation of the Nominating and Governance Committee, appointed Mr. Phillip C. Peckman to the Company’s Audit Committee on August 22, 2008.

Mr. Peckman currently serves as the Company’s Acting Chairman of the Board of Directors and satisfies the qualifications, including the independence requirements, necessary to serve as a member of the Company's Audit Committee. Mr. Peckman had previously served on the Audit Committee prior to the Company's public offering in 2007.

As previously announced, as a result of the recent resignation of Andrew K. McCain, the Company was not in compliance with the audit committee composition requirements as set forth in Nasdaq Stock Market (“Nasdaq”) Marketplace Rule 4350, which requires a listed company to have an audit committee of at least three independent members. The Company is now in full compliance with Nasdaq audit committee composition requirements.

The entire thing just reeks and they always seem to manage to avoid raising too many eyebrows.

[annabanana]

3. These guys are perpetually surprised by consequences that are NOT

all that goddamn hard to predict...
ALL of them...

"no one could have forseen...."