(changed the title because it's a little over 1 month - Mccain resigned July 26th).
for personal reasons.
AP
Silver State Bank in Nevada is shut
Saturday September 6, 1:29 am ET
By Marcy Gordon, AP Business Writer
Regulators shut failed Silver State Bank in Nevada; 11th bank failure this year
WASHINGTON (AP) -- Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development.
It was the 11th failure this year of a federally insured bank.
Nevada regulators closed Silver State and the Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.
Andrew K. McCain, a son of Republican presidential nominee John McCain, sat on the boards of Silver State Bank and of its parent, Silver State Bancorp, starting in February but resigned in July citing "personal reasons," corporate filings with the Securities and Exchange Commission show. Andrew McCain also was a member of the bank's audit committee, responsible for oversight of the company's accounting.
The younger McCain, who is the chief financial officer of Hensley & Co., the beer distributorship of which Cindy McCain is chairwoman, is the Arizona senator's adopted son from his first marriage.
More of the story at the link.
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Here are some refresher's:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3419757http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6571120http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6544389==============
Silver State Bancorp headlines:
http://finance.yahoo.com/q?s=ssbx==============
Interesting, isn't it?
BTW, this is posted in several places on DU by other people. I just thought I'd stir the pot a bit over here. Hope yall don't mind ;)
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