McCain's son has abruptly resigned from the board of a Nevada Bank

[Pale Blue Dot]

Silver State Bancorp, the Henderson-based holding company for the similarly named bank, reported that Andrew McCain, son of Republican presidential candidate John McCain, resigned today from the boards of directors of the bank and bank holding company.

The company cited “personal reasons” for McCain’s resignation, and a Silver State spokesman declined further comment.

http://www.lvrj.com/breaking_news/25941494.html

May I suggest that if any of you has more than $100,000 in this bank that you move it right away?

[VeraAgnes]

1. I agree with your suggestion!

"May I suggest that if any of you has more than $100,000 in this bank that you move it right away?"

I heard Clark Howard on the radio say there will be indeed other bank failures soon.

[Faygo Kid]

2. Thanks. This will be one to watch.

The media may ignore it, but there's something going on here.

[EV_Ares]

3. One of the two other banks that were taken over by the FDIC Friday

was First National Bank of Nevada in Reno.

[libnnc]

4. kick so I can find it for later

[speedoo]

5. Ruh roh.

This will be interesting.

[BrklynLiberal]

6. Seems that Nevada banks are not doing well. Two were taken over by

Mutual of Omaha Bank to be reopened on Monday.

Wonder exactly what role McSame's son has in this...

[blayne]

28. Due to the subprime mess and predatory lending.

Nevada is consistently at the bottom in foreclosures per capita. I'm sure there are other factors, but this seems to be the one factor that keeps pushing the banks over the edge. Predatory lending in Nevada? Who would have thought?

May 2008:
http://www.therealestatebloggers.com/2008/06/14/top-10-worst-foreclosure-states-for-may-2008/

3rd quarter 2007:
http://www.therealestatebloggers.com/2007/11/01/top-10-worst-states-for-foreclosures-in-3rd-quarter-2007/

[baldguy]

7. Which Nevada bank will be the next to go belly-up?

[Gabi Hayes]

8. Silverado, anyone?

this isn't Neil, but his son, who seems to be following right along in daddi-O's footseps



a trip to Bangkok looks to be in the offing, yes?

[elehhhhna]

27. Wow, first- of Chertoff pre-shave & haircolor. THANKS!

[gatorboy]

9. Suspicious considering he just got the job in February:

http://www.marketintelligencecenter.com/articles/537971

[spanone]

10. you're right. i wonder if he was 'allowed' to resign or fired?

no mention of his famous papa here:
http://www.marketwatch.com/news/story/silver-state-bancorp-announces-director/story.aspx?guid=%7B485D7114-C14B-4EE0-BCBC-26EA0E4B0925%7D&dist=hppr

or here:
http://www.rttnews.com/Content/QuickFacts.aspx?Node=B1&Id=665355%20&Category=Quick%20Facts

or here:
http://www.stockhouse.com/news/USReleasesDetail.aspx?n=6988797

no reason given....nor any questions asked

[Pale Blue Dot]

13. My guess is that they brought in on in hopes that having the son of the Republican nominee

would somehow "protect" the bank. Let's face it: As much as we don't like McCain, his son didn't create this mess in only 5 months - it had to have been building for some time before that.

I think McCain was being used, and my guess is that Andrew just figured that out.

[NNN0LHI]

16. Andrew just figured that out

I wonder how much compensation he accepted before Andrew just figured that out?

Don

[XOKCowboy]

34. Neil Bush either was too stupid to figure it out or....

knew he was on the gravy train. This sounds like the same thing. The bank thought they could buy future influence but it came too late.

They should have hired Jeb Bush. He could have gotten them some immediate graft to keep them solvent but I'm sure his corruption doesn't come cheap. Ya gets what ya pays for.

[seasat]

11. Shades of the Keating five

I wonder if McCain had any influence in getting his son that job or did any personal favors for that bank. If there is any tie between him and his son's bank, then it might resurrect interest in McCain's role in the Charles Keating bank scandal. It may at least highlight McCainMcCain's past foibles if his son's bank fails.

[wiggs]

19. Shades of bank failures under Bush I in which younger Bushes were involved. nt

[hatrack]

22. Well, hell, it worked back then . . .

Why not try again?

:mad:

[file83]

31. Karma. John McCain was cleared of any "wrong doing" back then, but...

...if his son's bank goes under it is going to spell disaster for McCain's Presidential hopes.

Karma knows all.

[malaise]

12. Uh oh

http://www.lvrj.com/business/25892119.html

<snip>
Community Bancorp shares plummeted Thursday on the Nasdaq National Market as the banking company reported a second-quarter net loss of $4.6 million and a quantum leap in nonperforming loans.

Shares in Community Bancorp, a Las Vegas-based institution with $1.75 billion in assets, dropped $2.22, or 43 percent, to close at $3 on volume of 1.2 million shares.

Western Alliance Bancorporation shares also took a hit Thursday, shedding 9 percent of their market value even though the bank earned a profit in the second quarter. Shares in Silver State Bancorp, the third publicly held banking company in Southern Nevada, slipped 7.5 percent, although the Henderson-based company hasn't announced second-quarter financial results.

The bank stock sell-off comes during a devastating bear market that has trimmed 70 percent or more of the market value from each of the companies' share prices over the past year.

Community Bancorp reported that its nonperforming loan total jumped to $69.3 million, up from $13.7 million three months ago and $1.3 million a year ago. Nonperforming loans represent 4.6 percent of gross loans, a large percentage in the banking industry.
----------------
Gramps must have told him to jump before the crash.

[spanone]

14. none of these articles mention the good senator....interestingly enough

[malaise]

15. Surprised

NOT

[mod mom]

21. Wonder if he still got a huge parting package.

:sarcasm:

[stillcool]

17. Gosh..he quit on a Saturday?

I don't know why, but I'm surprised that he is 46 years old. This should be fun to watch.

Andrew K. McCain serves as Vice President and Chief Financial Officer for Hensley & Company, one of the largest beer distributors in the United States. In addition, Mr. McCain is a Chairman Elect, Board and Executive Committee member of the Greater Phoenix Chamber of Commerce.

http://silverstatebancorp.com/board.html


Silver State Bancorp, thr
ough its wholly-owned subsidiary, Silver State Bank, currently operates thirteen full service branches in southern Nevada and four full service branches in the Phoenix/Scottsdale market area. Silver State Bank also operates loan production offices located in Nevada, California, Washington, Oregon, Utah, Colorado and Florida.

Silver State Bancorp is headquartered in Henderson, Nevada and listed on the Nasdaq Global Market under the symbol SSBX.

[bluesmail]

18. ruh-roh x's a zillion! I'm watching this for all the obvious reasons.

McCain>Gramms>UBS>CreditCrunch>Bank Failures>Nevada Bank failure>McCains Son>McCain>Gramms>UBS>....Someone needs to stop all the circles.

[ekwhite]

20. Just waiting for the other shoe to drop

I have a feeling that Finnfan is right - time to move your money to another bank.

[rainbow4321]

23. If you look at Silver's website...their "new information"....is about FDIC

http://www.silverstatebank.com/index.cfm


Dated July 25th:

FDIC Insurance: What's covered
Learn more about how we insure your FDIC deposits.
---


Hmmm..Preparing their customers, perhaps?? FDIC info is NOT exactly NEW news.

Here is a profile of A. McCain from Forbes:


http://www.forbes.com/finance/mktguideapps/personinfo/FromPersonIdPersonTearsheet.jhtml?passedPersonId=1137372

Director at
Silver State Bancorp
Henderson, Nevada
FINANCIAL / REGIONAL - PACIFIC BANKS
Director since February 2008

45 years old

Andrew K. McCain has served as a director of Choice Bank since 2006. Mr. McCain has served as a vice president and chief financial officer of Hensley & Company, one of the largest beer distributors in the United States, since 1996. His duties and responsibilities include overseeing and managing the finance, treasury, strategic planning, information technology and marketing functions of the company. Mr. McCain is also the Vice President of the Hensley Employee Foundation. In addition, Mr. McCain serves as a chairman elect, board and executive committee member of the Greater Phoenix Chamber of Commerce, as a board member of the Fiesta Bowl, as board member of Banner Alzheimer's Institute, and as patrons committee member of United Methodist Outreach Ministries' New Day Center.

[MiniMe]

25. Hmmm, he is on the board of an Alzheimer's institute?

Interesting.

[redqueen]

24. this might get interesting...

[Joanne98]

26. SSBX was down 15.54% on Friday. Whoa!

http://finance.yahoo.com/q?s=SSBX

I bet this gets shorted to death tommorrow!

[rainbow4321]

29. Heck of a lot of "selling" done by the insiders in February

http://finance.yahoo.com/q/it?s=SSBX

[Joanne98]

32. Are u sure that's February. It saz the last six months...

Purchases - Last 6 Months
Shares Trans
Purchases 62,000 3
Sales 175,696 8
Net Shares Purchased
(Sold) (113,696) 11
Total Insider Shares Held 7.73M N/A
% Net Shares Purchased
(Sold) (1.4%) N/A


Net Institutional Purchases - Prior Qtr to Latest Qtr
Shares
Net Shares Purchased (Sold) 170,689
% Change in Institutional Shares Held 6.0%

[rainbow4321]

35. Scroll down the page..it lists the execs names individually and the dates

In Feb '08 there are several listings that say "sold"

[helderheid]

30. Good suggestion!

[lpbk2713]

33. It's "grab the money and run" time.

"Last one out the door takes all the blame!"

[rainbow4321]

36. Silver State Bank Sues State of Nevada

Familiar repuke name in the article: Donald McGhan


July 1, 2008

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

Silver State Bank which held bank accounts for failed Southwest Exchange of Henderson is suing the state of Nevada, seeking to recover damages related to lawsuits over Southwest Exchange.

Southwest Exchange, which had accounts at Silver State Bank, closed in January 2007 owning $98 million to real estate investors and is in receivership.

Attorneys for investors who lost money when Southwest Exchange failed are suing multiple defendants based on claims the defendants have some liability for the losses.

<snip>

The division should have known that Southwest Exchange’s bank accounts were not set up as escrow accounts, the lawsuit said. In addition, the lawsuit said the division should have known that Southwest Exchange bank accounts were illegal because they didn’t require a client’s signature prior to diversion of a client’s money from the bank account.

[Supersedeas]

37. Interesting...will the GoP Media follow-up?

[TankLV]

38. Umm - this all happened LAST weekend...

The banks were taken over and reopened by the FDIC last MONDAY, 21 July...