FDIC shutters Silver State Bank of Nevada
Posted by: Joshuah in Economics, tags: bank failure, FDICSource: money.cnn.com
Nevada regulators have shut down Silver State Bank. It was the 11th failure this year of a federally insured bank.
Andrew McCain, son of Republican presidential nominee John McCain was a member of the bank’s board, but recently stepped down for “personal reasons,” according to The Wall Street Journal. The younger McCain, 46, had also served on Silver State’s audit committee, and was only with the bank for five months before leaving on July 26, the Journal reported.
The Federal Deposit Insurance Corp. was appointed receiver of the bank, located in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.
The FDIC said Friday the bank’s insured deposits will be assumed by Nevada State Bank of Las Vegas. Its branches will reopen Monday as offices of Nevada State Bank in Nevada and National Bank of Arizona in Arizona.
The agency said depositors of Silver State Bank will continue to have full access to their deposits.
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