Silver State Bancorp releases 2nd Quarter Report, Massive losses, CEO Resigns

[grantcart]

For background please see these threads: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6544389

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6559785


Fact one: Andrew McCain resigns "in the middle of the night" last weekend from Silver State Bancorp for personal reasons.

http://www.reuters.com/article/pressRelease/idUS51176+2...
Silver State Bancorp (NASDAQ: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.

2) While most banks had already released their 2nd Quarter report SSB kept theirs back.

3) In the 116 days that McCain was a director of the bank (and chairman of their audit committee) the shareholders lost over $ 100 million value in their shares.

4) SSB has now released their 2nd Quarter earnings report:

RTTNews) - Silver State Bancorp (SSBX: News, Chart, Quote ) reported a second-quarter net loss of $62.7 million or $4.15 per share, compared to net income of $6.2 million or $0.44 per share in the same quarter last year.

On average, two analysts polled by First Call/Thomson Financial expected the company to report a loss of $0.65 per share.

Net interest income for the quarter decreased 41.7% to $11.6 million from $20.0 million in the prior year quarter. Total non-interest income decreased 22.9% to $1.4 million from $1.9 million in the comparable quarter last year.

5) Note analysts projected expected $ 0.65 loss per share and instead loss $ 4.15.

How is it possible for analysts to be so completely far off if there is no fraud involved.

6) Value of shares plummeted with the news. The shares was $ 8.6 when he started and is now $0.84.

That equals a total loss to shareholders of $ 117 million in 116 days.

fact number 7


While the details of this have been layed out in excruciating detail here, the MSM is totally unaware of what is looking increasingly like fraud or malefeasence by the directors of this company.

Is this what McCain is going to do when the tough gets going - resign for personal reasons.

In the meantime they have got the flag pin and Brittany Spears angle covered.

Follow the share price of SSB here http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&

Since starting this thread it has dropped to .819

on edit



http://www.forbes.com/afxnewslimited/feeds/afx/2008/08/01/afx5279903.html

Chairman of the Board and CEO of SSB resign

BOSTON (Thomson Financial) - Silver State Bancorp Friday said Chief Executive Officer Corey L. Johnson and Chairman Bryan S. Norby have resigned from the company.

Both Johnson and Norby will continue serving as directors on the company's board, Silver State Bancorp (otcbb: SSBX.OB - news - people ) said.

The board has named Michael J. Thorell acting chief executive officer of the company and Phillip C. Peckman as acting chairman.

[rucky]

1. You have to try real hard to fail that badly. n/t

[Zynx]

2. McCain and his whole family are corrupt.

That's the underlying message here.

[Zenlitened]

3. K and freakin' R. The numbers here are beyond mind-boggling! - n/t

[grantcart]

4. Price drops to .78

[grantcart]

5. price drops to .71

[ingac70]

6. Just as crooked as the Bush family. n/t

[zanne]

7. K&R. This should be headline news everywhere. nt

[grantcart]

8. yup

[Coexist]

9. .

[phrigndumass]

10. Kickin'

:kick:

[grantcart]

11. and thankin

[uponit7771]

12. ...and these people will never go to jail, they've fucked up so many lives.

[grantcart]

22. and so many countries

[Barack_America]

13. Please tell me that he sold his stock before he resigned.

That would be super yummy.

[grantcart]

14. and that he told some of his friends too.

that would be 'Martha Stewart Scrumptious'

[Barack_America]

15. It would be a "good thing". lol.

;)

[Barack_America]

16. Kick. Let's get this to the front page!

:hi:

[grantcart]

18. thanks Kristi

[MetaTrope]

17. So THIS is what's paid for McCain's campaign

[grantcart]

19. just pinching pennies - in this case 100,000,000 stockholder pennies every day he was a director

but unfortunately this money doesn't go anywhere it just evaporates.

[nc4bo]

20. when I saw .90 today, I had to pop my eyeballs back in their sockets

so when is the closing? It's hard to keep watching the twitching.

[grantcart]

21. so its worth only .90 per share

and they lost more than $ 4. per share in one quarter


hmmmm

[quakerboy]

23. kickin time

[TexasObserver]

24. Rats v. Sinking Ship

[grantcart]

25. SSB closes at .90

[TexasObserver]

27. that means a drop of 99% of the value in a year

This also means the feds are holding back on calling this failed, probably to give Jr. McCain more time to get away from the collapse. This bank cannot be solvent, not even close to solvent.

[grantcart]

26. If you would like to take action on this story - go here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=6575830&mesg_id=6575830

[ChimpersMcSmirkers]

28. K&R, good work.

[nc4bo]

29. I just had a brilliant idea (well I thought so anyway).

I think it's my duty to inform the media in my area of this interesting newsworthy story. Daunting task but I found a way to make it so much easier.

I'm went here: http://www.congress.org/congressorg/dbq/media/ and I realized that I could just type in a zip code (mine was quite successful) and all the information I need is right at my fingertips. Can you believe that???!!!! Isn't this so totally convenient??!!!

Letter composition is not my strength but I think I can "borrow" some of the excellent information from grantcart's Silver Bank posts and come up with "something".

Good idea?

[KittyWampus]

30. kick

[ccharles000]

31. Kick

[nc4bo]

32. oh shit.

Silver State Bancorp just tanked!!!

[nc4bo]

33. I wonder what will happen today and who else won't know about it? nt

:kick:

[nc4bo]

34. .

:kick:

[blondeatlast]

35. Stock made an INCREASE since yesterday--Book-cooking?

Trace its rise and fall by day, week, month, etc. here:http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&

[blondeatlast]

36. Can someone explain this chart to me? Big spike yesterday in both volume and price at 9:30 AM,

then little to nothing.

What does that mean? Educated speculation welcomed if you just say it's speculation; if you know what's going on, I'd appreciate knowing that too.

It just looks odd but I'm not anything close to a stock market wonk.

From MSN:

http://moneycentral.msn.com/investor/charts/chartdl.aspx?D4=1&DD=1&D5=0&DCS=2&CF=1&showchartbt=Redraw+chart&symbol=SSBX&nocookie=1&SZ=0&CP=0&PT=1

[blondeatlast]

38. Kicking for info. Thanks. nt

[nc4bo]

39. blondatlast, wish I could answer your question with actual knowledge..

I'm no stock expert, just keeping tabs on the McCain family's tendencies.

Try asking in GE, I think they have a 'few state of the stockmarket' posts there and some folks who might know what it all means or can dicipher this information.

:kick:

[nc4bo]

37. .

:kick: