Bank Failure Count: 2008’s 11th bank fails, McCain’s son was director
Posted by: in Latest NewsFiled under: Deals, Bad news, Consumer experience, Personal finance, Politics, Headline news
In what I feared might become a regular feature here, the Federal Deposit Insurance Corporation (FDIC) arranged for the takeover of the 11th failed bank of 2008 on Friday. As I posted, the FDIC likes to shut banks on Friday after hours so they have the ability to reopen as branches of the acquiring bank on the following Monday morning. According to the Associated Press, the bank in question is Nevada’s Silver State Bank.
Nevada State Bank of Las Vegas will take over the insured deposits of Silver State — which had $2 billion in assets and $1.7 billion in deposits at the end of June. AP reports that “[Silver State’s] branches will reopen Monday as offices of Nevada Say Bank in Nevada and National Bank of Arizona in Arizona.”
John McCain’s son, Andrew, who is also CFO of his mom’s beer distributorship, “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.’ Andrew McCain also was a member of the bank’s audit committee, responsible for oversight of the company’s record-keeping,” according to AP.
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