SSB: "Better than a Casino"" Now uncertain to continue""brink of failure" stock drops

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SSB NOW ADMITS UNCERTAINTY ABOUT ITS ABILITY TO "CONTINUE AS A GOING CONCERN"

You can't make this shit up

Turns out Silver Stat Bancorp advertising slogan was

"When the casinos treat you poorly, let Silver State treat you like a valued customer"

From the Atlantic Free Press
Andrew McCain Resigns from Silver State Bank

http://www.atlanticfreepress.com/content/view/4576/32/

On the eve of President Bush's signing of the housing bill 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)

McCain was appointed to the board of the Henderson, Nevada bank in February where he served on the Audit Committee.

Prior to coming to Silver State, he was director of the Choice Bank in Scottsdale, Arizona until its merger with Silver State Bancorp which has 13 branches in Southern Las Vegas, and 4 branches in Arizona, and California. While, according to Yahoo Finance, construction and land loans make up more than 70% of the bank's lending portfolios, Silver State also lists residential mortgage loans as among its specialties.

"When the casinos treat you poorly, let Silver State treat you like a valued customer" is the bank's declared mission statement. Given widespread speculation about the prospect of hundreds of bank failings, a motto like this one is enough to cause the hair on the back of your neck to stand up, as well as ask a few hugely important questions.

CFO.COM SSB "ON THE BRINK OF FAILURE

Banking Woes Affect McCain's CFO Son
Andrew McCain, son of the Presidential candidate and CFO of Cindy McCain's beer distributorship, resigned last month from the board of a bank that now reports it is on the brink of failure.

The banking industry's ongoing woes were already a subject in the Presidential campaign. But the issue became more personal for one of the candidates on Friday when The Wall Street Journal reported that Andrew McCain, son of presumptive Republican Presidential nominee Sen. John McCain, had resigned his position on the board of troubled Silver State Bancorp.

The younger McCain is CFO of Hensley & Co., an Arizona beer distributor owned by his stepmother, Cindy McCain. He resigned his position as board member of Silver State Bancorp on July 25, citing "personal" reasons.

One week after McCain resigned from the board, Silver State Bancorp announced a $62.7 million net loss for the second quarter, as well as the resignation of the bank's CEO and chairman.

The bank announced in a regulatory filing on Thursday that its second-quarter net loss was actually $73.2 million, higher than the loss it had previously announced the week after McCain's resignation. The bank said the higher loss was the result of an increase in the company's provision for loan loss reserve for the quarter to $69.1 million from the previously reported $58.6 million. As a result, the bank also announced uncertainty about its ability to "continue as a going concern."

Accountancy Age: Losses grow at former company of McCain's son

http://www.accountancyage.com/accountancyage/news/2224149/losses-grow-former-company

A company in which presidential candidate John McCain's son quit as CFO has posted higher than expected losses.

Andrew McCain quit as director of Silver state Bancorp at the end of July, which announced a $62.7m loss a week alter. But its latest quarterly filing shows the loss at $73.2m, because the company had to increase its loan loss reserves, reports CFO.com.

The alteration followed an update of the collateral underlying one of its commercial bank loans – there is no indication that McCain or bank officials did anything wrong.

Reports suggested he had quit his post at Silver State as it would be difficult to maintain that role while serving as CFO of Arizona beer distributor Hensley & Co and as chairman of the Greater Phoenix Chamber of Commerce.

and you can go here to see the SSB shares decline - shareholders have now loss $ 120 million during the three months McCain was a director of the bank: http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&

stock fell further and closed today at .571

ah FDIC where are you?

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