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BFF (Bank Failure Friday!)

Submitted by fanofwalt on Fri, 08/15/2008 - 15:08

Daily Paul Liberty Forum

We may have a contestant for the weekly BFF report!

Looks like Silver State Bankcorp may be the next to fall. If that name looks familiar to you, it's because John McCain's son Andy McCain was on the board there. Andy McCain left his post on the company's board last month...one week before the company announced a loss of over $60 million (ooops, make that over $70 million).

Excerpt from today's Wall Street Journal article (emphasis mine):

Andrew K. McCain, 46, was on the board of Silver State Bancorp for five months before he resigned on July 25 for unspecified "personal reasons," according to a news release issued by the bank at the time.

A week after Mr. McCain's departure, the Henderson, Nev., company reported a loss of $62.7 million in the second quarter and said its capital -- the bank's cushion to absorb losses -- had eroded significantly. At the same time, Silver State announced the resignations of its chief executive and chairman.

On Thursday, the bank said in a securities filing that it actually lost $73.2 million in the second quarter. Silver State also said in the filing that its worsening financial condition means there is "uncertainty about the company's ability to continue as a going concern."

(...)

In recent weeks, federal and state regulators have intensified their scrutiny of the bank's books, according to people familiar with the bank. The bank's customers have been pulling deposits at a rate of about $4 million per day, one person said.

Any other candidates in the running for this week's BFF you know of?

9 this week

Submitted by bucfish on Sat, 10/31/2009 - 20:11. Permalink

http://www.reuters.com/article/newsOne/idUSTRE59U05420091031

Nov 21, three down

Submitted by RiverRun on Sun, 11/23/2008 - 00:46. Permalink

PFF Bank and Trust, Pomona, CA
Downey Savings and Loan, Newport Beach, CA
The Community Bank, Loganville, GA

http://www.fdic.gov/bank/individual/failed/banklist.html

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http://FlipFlopRomney.blogspot.com

Wamu doesn't look good...

Submitted by GunTrapTanDaddy on Fri, 08/15/2008 - 19:42. Permalink

I worked in Branch Management for them, and left a little over two years ago. When I left, the stock was trading at $42 a share. Now it is under $5. They borrowed $7 Billion the first quarter, and lost $3.3 Billion the second quarter. I read an article a couple of weeks ago where the CEO (Kerry Killinger) stated that it would be 2011 before they would see a turn around in the company-if they last that long. When I worked there it was becoming a very "young" company, because of their churn and burn mentality. All of the "older" employees didn't put up with it and left. There is only one person still working at the branch that I left, that was there when I left. All of the rest have left the company. She stayed, because she was about 8 years from retirement, and thought she was too old to go somewhere else. I hope she didn't have her 401k all in Wamu stock. It was one of the worst companies that I ever worked for. It would bring me pleasure to see them fall.

The bank failures are over...

Submitted by mdonato on Fri, 08/15/2008 - 19:25. Permalink

The dollar is up, gold is down... everything is returning to normal. No more banks will fail and the housing market is picking up. The U.S. will re-assert itself as the economic super-power and there will be enough money left over to honor all our entitlements.

P.S. I have a bridge for sale at a very reasonable price. Contact me if interested.

jzneff?/ is that you? A

Submitted by bad_karma on Sat, 10/31/2009 - 20:43. Permalink

jzneff?/ is that you?

A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3

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A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.