Silver State Bank

Silver State Bank

Silver State Bank was a failed Nevada commercial bank with 17 branches in the Las Vegas and Phoenix metro areas and loan operations across the western United States. The bank was an operating subsidiary of Zions Bancorporation, a bank holding corporation with $2 billion in assets.

Failure

On September 5, 2008, the bank was closed by the Nevada Financial Institutions Division and placed under FDIC receivership. [ [http://www.fdic.gov/bank/individual/failed/silverstate.html] ] Nonbrokered FDIC-insured accounts in Nevada were transferred to Nevada State Bank, while those in Arizona were transferred to National Bank of Arizona. The bank was the 11th insured commercial bank to fail in 2008, compared to three in all of 2007. An estimated $450 to $550 million in losses are expected to be covered by the FDIC Deposit Insurance Fund. [ [http://www.fdic.gov/BANK/HISTORICAL/BANK/] ] Some customers who did not understand FDIC insurance limits sustained losses of deposits they believed safe. [ [http://www.cnn.com/video/#/video/business/2008/09/24/am.lawrence.savings.safety.net.cnn] ] [ [http://www.ktnv.com/Global/story.asp?S=9029513] ] [ [http://www.lasvegasnow.com/Global/story.asp?S=9021326&nav=menu102_2] ] Uninsured deposited amounted to $20 million in 500 accounts. [ [http://www.azcentral.com/arizonarepublic/business/articles/2008/09/09/20080909biz-silverstate0909.html] ]

The underlying cause of failure was overexposure to risky real estate loans, especially mortgages on undeveloped land purchased for home construction that was no longer viable following the collapse of the housing bubble. [ [http://www.lasvegasnow.com/Global/story.asp?S=8962661] ]

Andrew McCain

The Wall Street Journal [http://online.wsj.com/article/SB122066426856206115.html reported] that Andrew McCain, son of Republican presidential candidate John McCain, sat on the board of Silver State Bank for five months in 2008, resigning on July 26 for "personal reasons," shortly before he would have had to sign off on second-quarter audit statements.

External links

* [http://www.silverstatebank.com/ Silver State Bank] homepage


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