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Silver State Bank in the United States broke - McCain son sat on the Board
by Open-Publishing - Tuesday 9 September 2008Trade-Exchange Rates USA US election 2008
Silver State Bank in the United States broke - McCain son sat on the Board
New York (dpa-AFX) - The bankruptcy of a U.S. bank this year also radiates to the presidential election campaign. The Silver closed on Friday from Nevada State Bank was a son of Republican candidate John McCain, until recently, the Board of Directors and was among other things for overseeing the finances. There was however no evidence of misconduct by the 46-year-old Andrew McCain, a Adoptivsohns from John McCains first marriage, wrote the "Wall Street Journal on Saturday.
Nor there is evidence that presidential candidate McCain of the problems the bank knew about it, it was. A spokesman said McCain, Andrew McCain had in July from the Board withdrawn because he had received that his time is not sufficient to adequately to the credit institution to take care of the problems with real estate crisis because of the fighting.
Andrew McCain was on 26 July resigned, wrote the "Wall Street Journal. If he is still four days longer remained on the Board, he had three as a member of the Audit Committee’s report on the trend in the second quarter must sign, it noted. The bank had the correct report in mid-August and admitted to a higher loss of 72.3 million U.S. dollars.
SILVER STATE BANK TO SPECIALIZE BAUKREDITE
Founded in 1996, Silver State Bank with deposits of nearly two billion dollars and 17 branches in Arizona and Nevada specialised mainly on building loans. This year would have increased payment defaults, wrote the daily. In June, the bank 40 million U.S. dollars with a share sale to redeem, the plan was, however, at the lack of interest of investors failed. Andrew McCain, according to bank documents papers for more than half a million dollars.
The federal authority FDIC (Federal Deposit Insurance Corp..) Already have the bank close to the end of August, but had encountered resistance of local authorities gestoßen, the newspaper wrote, referring to informed people.
The accounts of the bank are now closed by the Nevada State Bank from Las Vegas. Up to 20 million U.S. dollars, the deposits with the FDIC been secured, it noted. The authorities expect that with 450 to 550 million dollars from its earlier Bankpleiten already attacked security fund einspringen muss. / su / DP / fat