Silver State Bank in Nevada is shut: McCain's son quit in July for "personal reasons"

[Bluebear]

WASHINGTON (AP) — Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development.

It was the 11th failure this year of a federally insured bank.

Nevada regulators closed Silver State and the Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.

Andrew K. McCain, a son of Republican presidential nominee John McCain, sat on the boards of Silver State Bank and of its parent, Silver State Bancorp, starting in February but resigned in July citing "personal reasons," corporate filings with the Securities and Exchange Commission show. Andrew McCain also was a member of the bank's audit committee, responsible for oversight of the company's accounting.

http://ap.google.com/article/ALeqM5iQaj3ur8E-vK6EWbnQEb9KisbsTwD9311BV00

[firedupdem]

1. July......that was a convenient exit n/t

[Bob Dobbs]

2. Rats know when to leave the ship.

But it's kewl because he's a republic.

[krispos42]

3. A picture is worth 1,000 words. Check out the 52-week high...

It's in my Photobucket account. Hotlink at will.

[magellan]

4. K&R -- Apple don't fall far from the Repub tree

Daddy's probably quite proud of Andy; why marry money when it's easier to steal it.

[izzie]

5. That is interesting. Brown nose at the best.

Some time look at who sits on these corp. Friends of friend and they all get a good pay check each year for doing it. It is not what you know but who you know. These men turn up once a year to vote and get 10,oo0. Heck even Bush did it for a corp. that made sex movies if I re-call right. Money runs this country for sure. Real people just have to put some rules in place to make it all work. McCain wants the rules to not be put on and if we have any left those gone also.

[Vickers]

6. The Keating doesn't fall far from the Five.

:P

[Bluebear]

9. Perfect.

[KharmaTrain]

7. Rut Roh...Holy Silverado

This story was out there a couple months ago when the bank was consolidated in a last ditch attempt to keep it from going under. I suspect the game was to try to keep it afloat past the elections and the shitty economy just wouldn't cooperate.

This story could be a big deal in Nevada...and I'd love to see it get a bit of play in the national media as well...bringing back the visions of both Silverado and the Keating 5.

If anything this would be another distraction on Camp Gramps as they do "damage control" in their own back yard.

[TexasObserver]

8. Little Man McCain is the Second Coming of Neil Bush.

Silverado Savings, here we come!!