Silver State Bancorp Update - Price falls again - loses much worse than projected

[grantcart]

SSB shares which have been hovering around .85 since their second quarter report showed massive loses has now fallen to .62

A revised 2nd quarter report has shown that their loses are even worse than projected or reported.




The Henderson, Nevada-based company reported a restated second quarter net loss of $73.2 million or $4.84 per share, while the previously disclosed net loss was $62.7 million or $4.15 per share, due to 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



Here is the original report.

HENDERSON, Nev., Jul 26, 2008 (BUSINESS WIRE) ----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.


About Silver State Bancorp


Silver State Bancorp, through its wholly-owned subsidiary, Silver
State Bank, currently operates thirteen full service branches in
southern Nevada and four full service branches in the Phoenix/
Scottsdale market area. Silver State Bank also operates loan
production offices located in Nevada, California, Washington, Oregon,
Utah, Colorado and Florida. Deposit accounts at Silver State Bank are
FDIC insured to the maximum allowed by law.




As the bank teeters towards bancruptcy the media fails to cover this story.



You can follow the price 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&

[ben_meyers]

1. Perhaps if it was an isolated case of a financial institution

in trouble it would be bigger headlines. However if you were to Google Silver State Bancorp news I think you would find that it is being reported on. Including...

McCain's Son Sat on Troubled Bank's Board

http://online.wsj.com/article/SB121876461747243159.html?mod=googlenews_wsji

[grantcart]

2. good find

actually have been googling this everyday since he resigned and this is the first MSM article on it


will make an OP out of it later - thanks