Silver State Bank
Who: Silver State Bank
What: 11th bank failure of 2008 (Sept. 5, 2008)
Where: Henderson, Nevada
Why: Losses on soured loans, mainly in commercial real estate and land development.
Fast Facts: Depositors of the failed bank automatically become depositors of Nevada State Bank or National Bank of Arizona; as of June 30, 2008, Silver State Bank had $2 billion in total assets and $1.7 billion in total deposits; at the time of closing, there were approximately $20 million in uninsured deposits held in 500 accounts that potentially exceeded the insurance limits; Silver State Bank is the second bank to fail in Nevada in 2008; Andrew McCain, son of Republican presidential nominee John McCain, sat on the board of Silver State Bank...he resigned in July citing "personal reasons"...he also was a member of the bank's audit committee, in charge of accounting oversight.