Silver State Bancorp announces management reorganization and curtails expansion plans.

[nc4bo]

Ladies and Gentleman, this is the continuation of the Andrew McCain/Silver State Bancorp chronicles. I'm not as talented as grantcart but I promised I'd do my best to keep the story updated.

So until grantcart returns, here's the DU Silver State Bancorp recap:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6544389
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6559785
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=6571120&mesg_id=6571120


July 29, 2008, Andrew McCain, son of Republican Presidential nominee John S. McCain, resigns "in the middle of the night" from Silver State Bancorp for personal reasons.
http://finance.denverpost.com/mngdenver?Account=denverpost&GUID=6119406&Page=MediaViewer&ChannelID=3191

Silver State Bancorp (SSBX), the holding company for Silver State Bank, announced today that Andrew K. McCain submitted his resignation today as a director on the Boards of Directors of Silver State Bancorp and Silver State Bank, citing personal reasons.

Mr. McCain previously served as a director of Choice Bank in Scottsdale, Arizona from 2006 to April 1, 2008 when Choice Bank merged into Silver State Bank. Mr. McCain had been appointed to the Boards of the Company and Silver State Bank in February, 2008 and had served on the Audit Committee. Mr. McCain has recently been appointed Chairman of the Greater Phoenix Chamber of Commerce, effective this month.
A spokesperson for the Company stated that the Company wishes him the very best in all his present and future endeavors.

As usual, the M$M remains silent

August 1, 2008, Silver State Bancorp reports posted a wider-than-expected quarterly loss and also said it was halting its share repurchase program and that it would slow down its branch expansion plan for the next several quarters, to help navigate through the challenging economic time.

Also on August 1st, Silver State Bancorp Announced Management Reorganization, that Chief Executive Officer Corey L. Johnson and Chairman Bryan S. Norby resigned from their previous positions but will continue serving as directors on the company's board.

http://www.forbes.com/afxnewslimited/feeds/afx/2008/08/01/afx5279903.html
http://phoenix.bizjournals.com/phoenix/stories/2008/07/28/daily85.html?ana=yfcpc

August 4, 2008, Silver State Bancorp holds 2nd quarter earnings conference call. Transcript available here: http://seekingalpha.com/article/88969-silver-state-bancorp-q2-2008-earnings-call-transcript?source=yahoo

August 6, 2008, Silver State Bank Closes Nearly $10 Million in SBA Loans.

Silver State Bank, a wholly-owned subsidiary of Silver State Bancorp (Nasdaq: SSBX - News), today announced it closed $9.7 million in Small Business Administration (SBA) Loans in the past month. The loans were made to a range of businesses in Nevada, Florida, North Carolina and Utah: Pecos Station, Boca Boat and Camper Storage, Mass Media, FL Blinds and Shutters, Great Expectations Birth Care Centers and Hop Hop Hooray. Calvin Regan, President of Silver State Bank, said, “We are pleased to have the opportunity to work with these growing businesses and help them achieve their business and strategic objectives.”

[nc4bo]

1. Morning kick ;)

:kick:

[nc4bo]

2. Nothing new and not important enough for M$M. nt

:kick:

[nc4bo]

3. a.m. bumpity. nt

[ChimpersMcSmirkers]

4. K&R

[doc03]

5. That name Silver State Bank Bankcorp kind

of rings a bell. I wonder if that was the former Silverado Savings and Loan that Neil Bush was involved with that ended up costing the taxpayers $1.6 B and ultimately the S&L failures cost us $160B. In addition to Neil Bush, old John McCain was involved with the Keating 5 of S&L fame.
http://en.wikipedia.org/wiki/Savings_and_loan_crisis

[nc4bo]

6. Doesn't it now. Lots of us think so too.

Unfortunately the M$M thinks it's not so important nor interesting enough.



Kicking to keep it in circulation. :kick:

[nc4bo]

7. .

:kick: - tis a new day and a fresh week. Let the media ignoring begin.

[nc4bo]

8. Wow, trading at $7.30 after the old ball and chain bailed...

Fascinating.

:kick: