Category Archives: Silver State Bank
As I blogged in July, Andrew McCain was running as fast as he could away from Silver State Bank. EmptyWheel has a post up that states what I figured was going to happen back in July, namely Silver State was getting ready to fail.. From Empty’s post:
The FDIC just declared Silver State Bank in Nevada a failure (h/t this DKos diary).
From February to July, Andrew McCain, son of Presidential candidate John Bush, served on the Audit Committee of Silver State. Under Andrew McCain’s guidance, the bank lost $73 million. Now, along with serving as foster parents for troubled siblings Fannie and Freddie, you and I are going to have to insure the savings of Silver State’s depositors.
No wonder Tom Ridge can’t tell the Bushes and McCains apart.
Tsk, tsk…another McCain, another banking scandal…what IS it with that family and banks? The FDIC info page on this latest bank failure can be seen here.
Johnny’s son Andrew McCain has resigned two high up posts he held on two bank boards per the Las Vegas Review Journal:
Andrew McCain, son of Republican presidential candidate John McCain, on Saturday resigned from the boards of Silver State Bancorp of Henderson and Silver State Bank for “personal reasons,” the holding company said.
Calls seeking comment from Andrew McCain weren’t returned. A spokesman for Silver State said the company wouldn’t elaborate on its announcement.
Personal reasons my hairy ass. The stock value of these two banks has plummeted recently, which might mean Federal takeover of them is close at hand. Again, from the LVRJ:
Andrew McCain, formerly director of Scottsdale, Arizona-based Choice Bank, joined Silver State’s boards in February after the Henderson bank acquired Choice Bank.
The senator’s son owned 1,226 Silver State shares of stock, according to the company’s latest report to the Securities and Exchange Commission. That investment was worth more than $1,500 on Friday when the Nasdaq stock market closed.
Shares in Silver State and other publicly owned bank holding companies in Southern Nevada have lost most of their value over the past year as they reported increasing numbers of problem loans.
Silver State closed at $1.28 on Nasdaq Friday, down 2 cents for the day, but off from a 52-week high of $24.10.
Hmm…sounds fishy wouldn’t you say? Hope this shit splatters all over Andy’s daddy..it would make my day! 😉