BREAKING: Pres/CEO and Chairman Resign From Failing Bank Where McCain's Son Suddenly Left Last Week
Big developments this afternoon concerning Silver State Bancorp -- the bank from which Andrew McCain (son of John McCain) suddenly resigned from its board of directors a week ago for "personal reasons." Last night, I updated this story as neither McCain nor the bank have been willing to publicly discuss the reasons for his departure.
Well, today there's been additional high-ranking resignations:
Silver State Bancorp today announced the resignation of Corey L. Johnson as President and Chief Executive Officer of the Company and as Chief Executive Officer of Silver State Bank, the Company's wholly-owned bank subsidiary. The Company also announced the resignation of Silver State Bancorp's and Silver State Bank's Chairman of the Board, Bryan S. Norby.
The bank also reported devastating second quarter losses, significantly steeper than were anticipated:
Silver State Bancorp today reported a net loss for the quarter ended June 30, 2008 of $62.7 million, or ($4.15) per diluted share, compared with net income of $6.2 million, or $0.44 per diluted share, reported for the second quarter of 2007.The loss for the quarter is the direct result of a $58.6 million provision to the Company's loan loss reserve, an impairment charge of $18.8 million representing a full write-down of the Company's goodwill asset, and the establishment of a valuation allowance of $7.1 million to the Company's net deferred tax assets.
LinkHere
Well, today there's been additional high-ranking resignations:
Silver State Bancorp today announced the resignation of Corey L. Johnson as President and Chief Executive Officer of the Company and as Chief Executive Officer of Silver State Bank, the Company's wholly-owned bank subsidiary. The Company also announced the resignation of Silver State Bancorp's and Silver State Bank's Chairman of the Board, Bryan S. Norby.
The bank also reported devastating second quarter losses, significantly steeper than were anticipated:
Silver State Bancorp today reported a net loss for the quarter ended June 30, 2008 of $62.7 million, or ($4.15) per diluted share, compared with net income of $6.2 million, or $0.44 per diluted share, reported for the second quarter of 2007.The loss for the quarter is the direct result of a $58.6 million provision to the Company's loan loss reserve, an impairment charge of $18.8 million representing a full write-down of the Company's goodwill asset, and the establishment of a valuation allowance of $7.1 million to the Company's net deferred tax assets.
LinkHere
posted by Kangaroo Brisbane Australia at 3:10 PM
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