Another Bank Bites the Dust!

pennypinch · #1 09-06-2008, 03:17 AM

Another bank has been shut down. This is the eleventh one this year. Regulators of Nevada have shut down Silver State Bank. Claiming it as a failure just as the other ten banks have been.

The Journal reported that Senator and presidential hopeful, John McCain's son was on the board of this bank until recently. He allegedly stepped down in July from his position as a part of Silver State's audit committee stating personal reasons.

The FDIC has received the bank along with it's $2 billion in assets and $1.7 billion in deposits as of June 30. They say it's branches will reopen on Monday as offices of Nevada State Bank in Nevada and National Bank of Arizona in Arizona.

There were only three bank failures in 2007 and eleven so far in 2008. Officials say many more banks may be on the verge. A lot of things are factoring in to these failures. The housing crisis and financial distress are a big part of the causes.

dimetime · #2 09-06-2008, 01:59 PM

I think that a list those banks which are on the verge of financial trouble and have a chance of being shut down should be made available to the public. I think we all have the right to know if the bank which we have trusted our money to is about to go under. Though I hold hope that this is the last bank to be closed and that next year there will be fewer banks closed than this year.

Empty Wallet · #3 09-06-2008, 02:36 PM

its a shame all the small banks are the ones closing..they are the ones you get the best service at...i hate big banks like "Bank of America and Wachovia...they are so rude, full of sneaky charges...and they cost more to use than its worth, and they always find some way to nickel and dime your account to death!..thats why they are big......its criminal what they get away with.

carol b · #4 09-07-2008, 11:21 PM

I would like to know what standards they use to consider a bank
with that many assets to be a failure. It is a shame to see so
many close but it is just a fraction of the problem america is
currently faceing.

pennypinch · #5 09-13-2008, 02:09 AM

I agree Carol B. It is a continuous cycle of financial woes for everyone from the big guys on down to us little guys. I hate to see anything close because it never means anything good.

I don't know exactly what their standards are for considering a bank a failure and I also don't know why it is not made public when a bank hits the list. I too fell we have the right to know.