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On Sun, 07 Sep 2008 16:13:50 -0400
Ben <profitok@xxxxxxxxxxxxx> wrote:
>
> Sent: Sunday, September 07, 2008 11:16 AM
> Subject: 11th Bank To Flop
>
>
> Top Stories
>
> By MarketWatch
> Last Update: 4:19 AM ET Sep 7, 2008
>
> Regulators close down Nevada's Silver State
>Bank
>
> SAN FRANCISCO (MarketWatch) -- State and federal
>regulators shut down Nevada's Silver State Bank late
>Friday. It was the 11th bank to fail in the U.S. so far
>this year.
>
> The bank, which was overexposed to risky
>real-estate loans, had almost $2 billion in assets and 17
>branches in Nevada and Arizona.
>
> Until six weeks ago, Andrew McCain, the son of
>Republican presidential nominee Sen. John McCain of
>Arizona, was a member of Silver State's board and also
>its three-member audit committee. Andrew McCain left the
>Henderson, Nev., bank July 26 after five months on the
>board, citing "personal reasons." He is Sen. McCain's
>adopted son from his first marriage.
>
> There is no evidence that Andrew McCain, 46,
>committed any wrongdoing, nor is there any indication
>that Sen. McCain had any knowledge of or involvement in
>Silver State's problems.
>
> The Wall Street Journal reported in its online
>edition that McCain spokesman Taylor Griffin said Andrew
>McCain joined the bank's board in April but stepped down
>from the board and audit committee when he realized that
>the obligation would require more time and attention than
>he was able to give.
>
> According to the Federal Deposit Insurance Corp.,
>Nevada State Bank, based in Las Vegas, will assume all
>the insured deposits of Silver State Bank. Nevada State
>Bank agreed to purchase the insured deposits for a
>premium of 1.3%. At the end of June, Silver State Bank
>assets of $2 billion and total deposits of $1.7 billion.
>
> Nevada State Bank is a subsidiary of Zions
>Bancorp., the Salt Lake City banking- and
>financial-services provider.
>
> At the time of closing, about $20 million in
>uninsured deposits were held in about 500 accounts that
>potentially exceeded the insurance limits. This estimate
>is likely to change once the FDIC obtains additional
>information from these customers.
>
> Silver State Bank also had some $700 million in
>brokered deposits that are not part of Friday's
>regulatory action. The FDIC will pay the brokers directly
>for the amount of their insured funds.
>
> Silver State's closure will cost the FDIC's deposit
>insurance fund an estimated $450 million to $550 million.
>
> According to the Journal article, Silver State was
>founded in 1996 to specialize in construction and
>land-development loans in Nevada and Arizona. The company
>raised about $30 million in an initial public stock
>offering in July 2007.
>
> But in one year, the business fell into disarray
>under the pressure of the subprime credit and real estate
>crises. By June 30, borrowers had fallen behind on about
>$252 million worth of loans, compared to about $11.5
>million six months earlier, according to the FDIC.
>
>
> TTT
> 850-329-6745
> tomandprisha@xxxxxxx
> Investing Made Easy !!!
>
>
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>Release Date: 9/7/2008 3:30 PM
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