Silver State Bank in Nevada is shut

[DogPoundPup]

Source: msn money

WASHINGTON (AP) - Nevada regulators have shut down Silver State Bank. It was the 11th failure this year of a federally insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of the bank, located in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.

The FDIC said Friday the bank's insured deposits will be assumed by Nevada State Bank of Las Vegas. Its branches will reopen Monday as offices of Nevada State Bank in Nevada and National Bank of Arizona in Arizona.

The agency said depositors of Silver State Bank will continue to have full access to their deposits.

Complete article posted here.

Read more: http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20080905&id=9109600

[finecraft]

1. McCain's son Andrew was on the Board of Directors

and served on the Audit Committee.....but he resigned in late July. What a coincidence!

http://www.huffingtonpost.com/jayne-lyn-stahl/andrew-mccain-resigns-fro_b_115233.html

On the eve of President Bush's signing of the housing bill this week, which will regulate, as well as bail out, mortgage behemoth Fannie Mae and Freddie Mac, and create a $300 billion program to expand the Federal Housing Administration's capacity to guarantee mortgages, comes word that Andrew McCain, son of presumptive Republican nominee, John McCain, has resigned today from Silver State Bank's Board of Directors. The bank cites "personal reasons" for Mr. McCain's sudden departure (Las Vegas Review-Journal)

[intheflow]

8. Like father, like son.

John must be so proud!

[Lithos]

24. Watch out

He may go into politics....

:sarcasm:

[GoesTo11]

2. Good thing no candidate's son is on the board there now!

No story then.

[Pale Blue Dot]

3. Regulators Shutter Silver State Bank (McCain's son's former bank)

Source: Wall Street Journal

State and federal regulators on Friday shut down Silver State Bank, the latest in a series of bank failures and one that could ripple through the presidential campaign.

Until recently, the son of Republican nominee Sen. John McCain sat on Silver State's board and was a member of its three-person audit committee, which was responsible for overseeing the company's financial condition.

Andrew McCain left the Henderson, Nev., bank July 26 after five months on the board, citing "personal reasons." He is Sen. McCain's adopted son from his first marriage.

There is no evidence that Mr. McCain, 46, committed any wrongdoing. Nor are there signs that Sen. McCain, the Arizona Republican who on Thursday accepted his party's presidential nomination, had any knowledge of or involvement in Silver State's problems.

A spokesman for the McCain campaign couldn't be immediately reached for comment.

The lender, the 11th bank to fail in the U.S. this year, was overexposed to risky real-estate loans, a problem that's vexing many banks amid the worst financial crisis in a generation. Silver State had nearly $2 billion in assets and 17 branches in Arizona and Nevada.

Read more: http://online.wsj.com/article/SB122066426856206115.html?mod=googlenews_wsj

---

Boom.

[xyouth]

4. wow i am so shocked, i did not see this coming!

Anybody who saw this headline back in July, and did not yank their money out of that bank or sell their shares of stock, is just stupid.

(There is no evidence that Mr. McCain, 46, committed any wrongdoing. Nor are there signs that Sen. McCain, the Arizona Republican who on Thursday accepted his party's presidential nomination, had any knowledge of or involvement in Silver State's problems.)

Evidence.Of course there is no evidence, his dad is John McCain. The only evidence that you need is common sense.

[ixion]

5. Happy Bank Failure Friday Everyone!

:sarcasm:

[Amonester]

6. 10 billion/month for Iraq, 1 billion for Georgia, X billions here, there...

and everywhere for bailing out crooked executives (in the "have-more" circle...)

so after ALL these trillions GIVEN AWAY in all directions BY THE REPUBLICANS, what's left for the the big majority of us (and our kids & grandkids), McGrampy??

[happyslug]

7. Only the 11th? I swear bank closing has come to be a weekly event

September 5, 2008 - Silver State Bank, Henderson, NV
August 29, 2008 - Integrity Bank, Alpharetta, GA
August 22, 2008 - The Columbian Bank and Trust, Topeka, KS
August 15, 2008 - NONE
August 8, 2008 - NONE
August 1, 2008 - First Priority Bank, Bradenton, FL
July 25, 2008 - First Heritage Bank, NA, Newport Beach, CA
July 25, 2008 - First National Bank of Nevada, Reno, NV
July 18, 2008 - NONE
July 11, 2008 - IndyMac Bank, Pasadena, CA
July 4, 2008 - NONE

http://www.fdic.gov/bank/individual/failed/banklist.html

In simple terms, since July 1, 2008, we have only gone four weeks without a bank closing (and one Week, July 25, 2008 we had TWO bank closings). Six out of ten weeks saw another bank closing, one week we had two. How long will this continue? In the first half of the year we only had Four bank closings, less then in the last two months. We only had three banks close in 2007, and none in 2005 and 2006. Four in 2004, Three in 2003 but 11 in 2002. We just matched the 2002 "record" of 11, how far will this go?

[POAS]

9. Remember, leave the candidates families out of this!

[not fooled]

10. Friday Night News Dump

Just heard this on the ABC top-of-the-hour radio news...they named the bank but did not mention McCrap's son's involvement. :eyes:

[krispos42]

11. Oh, the one that John McCain's son was on the board of directors of?

Didn't he resign rather abruptly a few weeks ago?


(and check out the 52-week high)

[yorgatron]

12. that screen capture says he resigned 2 bank board posts,

what was the other one,and has/is it also failed? :wtf::shrug:

[Alexander]

13. I think I heard something about Andrew McCain being head of that bank.

Then he resigned suddenly.

What an interesting coincidence.

:eyes:

[Habibi]

14. Is family "off limits" in this case too?

[brentspeak]

18. Not in this case.

Excellent time to also point out McCain's involvement in the S&L crisis.

[depakid]

20. How much mention have you heard of it?

There's your answer.

[lib2DaBone]

15. Another Friday Bank Failure

These bank closings are only announced on Friday at the end of the News Cycle. Has happend the last 5 weeks. "If a tree falls in the forest...."

[nc4bo]

16. Palin scandal is hiding this scandalous news? We have questions

Will there be an investigation? What role did Mccain's son play in any of this?

Why isn't the M$M asking questions? How many of the voting public know that Mccain's son served on the baord of Silver Bancorp or how many people know what the CMKM scandal or Keating 5? How many people know what Neil Bush's role was in the Silverado scandal?

Palin's T&A is perfect cover, wouldn't you say?

[nc4bo]

17. Spread the words DU'ers. They'd like for this story to be buried! nt

:kick:

[Theres-a]

22. Kick

:kick:

[tomg]

19. Any of this sound familiar?

John: So how is your brother Neal doing?



George: About as well as your son.

[BuyingThyme]

21. kcik

[judasdisney]

23. B l a m e . O b a m a .

Double-digit inflation in 2009
http://www.businessweek.com/bwdaily/dnflash/content/aug2008/db20080815_021990.htm?chan=top+news_top+news+index_news+%2B+analysis

Gazprom predicts $250/barrel oil in 2009
http://www.reuters.com/article/GCA-Oil/idUSL1058567720080610

Vanity Fair: Bear Stearns collapse was engineered and deliberate
http://ftrsupplemental.blogspot.com/2008/08/bringing-down-bear-stearns.html

Barack Obama is the scapegoat.