US Feds Close Bank Tied To McCain's Son - Bet you haven't heard that on cable news

[NNN0LHI]

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20080905%5CACQDJON200809052146DOWJONESDJONLINE000791.htm&SourceCode=&mypage=newsheadlines&title=US%20Feds%20Close%20Bank%20Tied%20To%20McCain's%20Son

US Feds Close Bank Tied To McCain's Son

By Michael R. Crittenden, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- U.S. state and federal regulators closed Silver State Bank on Friday evening, shuttering the Nevada-based bank that until recently celebrated Republican presidential candidate Sen. John McCain's son as a member of its board of directors.

The Federal Deposit Insurance Corp. said it closed the Henderson, Nev., based firm in a joint effort with the Nevada Financial Institutions Division. The bank's insured deposits wil be assumed by Las Vegas-based Nevada State Bank, which purchased the deposits for a premium of 1.3%. Nevada State also purchased a small amount of cash and securities as part of the transaction.

The FDIC, which has now had to deal with 11 bank failures this year, said Silver State had total assets of $2.0 billion as of June 30, and total deposits of $1.7 billion. At the time of the bank's failure, the bank had approximately $ 20 million in uninsured deposits held in approximately 500 accounts that could exceed federal deposit insurance limits.

The closure came the day after McCain accepted the Republican nomination for president as part of the final day of the GOP national convention. His son, Andrew K. McCain, 46, had served on Silver State's audit committee until resigning on July 25 for unspecified "personal reasons," according to a bank news release.

[Octafish]

1. It's like Neil Bush and the Savings and Loan scandals.

As those with the money get away, it's another form of legalized bank robbery.

Guess who gets holding the empty bag?

[Subdivisions]

2. Actually, I did see this on CNN about 9:15am CDT. And,

no, they DID NOT say that this was the bank that Andrew McCain was employed with. I made a mental note of it at the time thinking how typical it was that they would announce the failure of that particular bank and not mention the presidential candidate's son.

[ColbertWatcher]

3. We won't hear this one, but we will hear about Biden's son. n/t

[lynnertic]

4. what did biden's son do?

or are you being bitter?

[krkaufman]

5. Sure would be nice to hear it out there today... coupled w/ the Fannie/Freddie disaster. n/t