Monday, July 28, 2008

McCain's son resigns from two Boards of Directors in banking industry.

I sense that there is trouble with this bank in which made McCain's son to bail out on two high posts.

Andrew K. McCain, son of Arizona senator and GOP presidential candidate John McCain, has resigned two high posts in the banking industry.

McCain stepped down from the boards of Silver State Bancorp and Silver State Bank of southern Nevada for "personal reasons," the Las Vegas Review-Journal reported. Silver State would not comment further.

McCain had served on the board of Silver State Bank, originally Choice Bank, and Silver State Bancorp since February 2008, having been a director with Choice Bank starting in 2006.

McCain's current posts include Vice President and CFO of Hensley & Company, the beer distributorship which his stepmother Cindy chairs, and chairman-elect of the Greater Phoenix Chamber of Commerce. More on the story.

From Motley Fool:
Back at the beginning of the year, one segment of the market was starting to look pretty darn appealing: Small banks. Indeed, 39 small banks were then trading for less than two times book value, while posting trailing-12-month returns on equity north of 15%. That notable list included Silver State Bancorp, Bank of the Ozarks, and First Midwest Bancorp.

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