Silver State of Nevada Is 11th U.S. Bank Collapse This Year

Alison Vekshin and Ari Levy
Bloomberg
Sunday, Sept 7, 2008

Silver State Bank of Henderson, Nevada was closed by U.S. regulators, the 11th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Depression.

Silver State, with $2 billion in assets and $1.7 billion in deposits, was shut by the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp., the FDIC said yesterday in a statement. Nevada State Bank in Las Vegas will assume the deposits from Silver State, which was run by Silver State Bancorp. The failed bank’s offices will open Sept. 8 as branches of Nevada State and National Bank of Arizona, the FDIC said.

“Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship,” the FDIC said.

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Banks are being closed at the fastest pace in 14 years and regulators have publicly ordered dozens of institutions to shore up capital or restrict their business. California lender IndyMac Bancorp Inc., which had $32 billion in assets, was closed July 11 in the third-largest bank seizure, contributing to a 14 percent drop in the U.S. deposit insurance fund that had $45.2 billion at the end of the second quarter.

In July, Silver State announced the resignation of Andrew McCain as a director of the bank. McCain, who had served on the audit committee and was a director for five months, is the son of Republican presidential nominee John McCain. A call to the campaign’s press line last night wasn’t immediately returned.

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3 Responses to “Silver State of Nevada Is 11th U.S. Bank Collapse This Year”

1. Raymond Says:
   September 7th, 2008 at 2:53 pm

   http://money.cnn.com/news/news.....5e720f.htm

   Bye bye Sovereign Bank (Largest preferred shareholder of Freddie and Fannie.

   I will bet 1000 shares of Fannie-mae stock it goes under next Friday after the market closes.

2. John Says:
   September 8th, 2008 at 7:51 am

   I lived right down the street from this bank. Their symbol is two S’s layed out like a Nazi swastika. The place even smells crooked. It was probably a McCain laundering front.

3. johan[oneUNDERgod] Says:
   September 30th, 2008 at 8:27 am

   10,000 house repos per day
   but there is a thing you can do

   Know that in court ONLY the origonal martgauge document can legally be used
   [thing is THEY been bundled [they are these securities
   but they are held ANYWHERE [no one really knows!]

   in court they are stealing american houses with photo copies[that ARNT ENOUGH PROOF TO TAKE YOUR HOUSE[the origonal MUST be in court
   go to court DEMAND the origonal!
   get the case dismissed if they cant present it [AND THEY CANT]

   ps that vote will go ahead on thursday
   stay on top of YOUR conGRESS person;s
   it will get slipped through
   its not over for YEARS