Silver State of Nevada becomes 11th failed bank in 2008

September 5, 2008 by · Leave a Comment
Filed under: Bank Failure, Industry News 

It is becoming commonplace to have our weekly Friday bank failure announced from the FDIC. Silver State is this week’s 11th loser of the year. They had about $2 billion in assets. It will interesting to see how this will actually affect the FDIC’s balance sheet based on their $450-550 million estimate. More to come…

Release:

Regulators closed Silver State Bank on Friday, the 11th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.

An adopted son of Republican presidential candidate John McCain formerly served as a director of the Henderson, Nevada, bank, which was closed by Nevada state officials and taken over by the Federal Deposit Insurance Corp.

Read more