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Jul. 27, 2008
Copyright © Las Vegas Review-Journal

McCain's son resigns two bank board posts

By JOHN G. EDWARDS
REVIEW-JOURNAL

Andrew McCain, son of Republican presidential candidate John McCain, on Saturday resigned from the boards of Silver State Bancorp of Henderson and Silver State Bank for "personal reasons," the holding company said.

Calls seeking comment from Andrew McCain weren't returned. A spokesman for Silver State said the company wouldn't elaborate on its announcement.

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    • Andrew McCain was appointed chairman of the Greater Phoenix Chamber of Commerce, starting this month.

    The younger McCain is chief financial officer of Phoenix-based Hensley & Co., a large beer distributorship. Critics have said John McCain would face a conflict of interest as president because of his wife's ownership of the beer distributorship, according to the Los Angeles Times.

    However, there weren't any indications that Andrew McCain's resignation from Silver State's boards was related to his father's presidential campaign.

    Andrew McCain, formerly director of Scottsdale, Arizona-based Choice Bank, joined Silver State's boards in February after the Henderson bank acquired Choice Bank.

    The senator's son owned 1,226 Silver State shares of stock, according to the company's latest report to the Securities and Exchange Commission. That investment was worth more than $1,500 on Friday when the Nasdaq stock market closed.

    Shares in Silver State and other publicly owned bank holding companies in Southern Nevada have lost most of their value over the past year as they reported increasing numbers of problem loans.

    Silver State closed at $1.28 on Nasdaq Friday, down 2 cents for the day, but off from a 52-week high of $24.10.

    Contact John G. Edwards at jedwards @reviewjournal.com or 702-383-0420.

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    Gwenyth wrote on September 08, 2008 12:51 PM: More hypocracy! McCain talks change, change, change - but voted with Bush over 90% of the time. He picks a young attractive to woman to get women's votes - and she is against women's rights. One has to wonder if the son gets a golden parachute for bailing before the bank goes under. Class act all the way.. Why no reports on the news and when will America wake up and get a reality check!


    Sandy wrote on September 06, 2008 04:56 PM: Hummmm. It is interesting that National news is not reporting that McCain's son has resigned from two banks that are in the tank. Do you think there were be more information out there is it was Joe Biden's son?


    george wrote on July 29, 2008 01:23 AM: Does anyone remember the infamous "Keating Five"?? Anyone remember who the players were in that debacle? Well, I do and That's the reason McCain the junior took a hike. IMHO


    hecklejeckle wrote on July 27, 2008 06:30 PM: Remember the Bushes and the Savings and Loan disasters of the 80s???? Sounds like it's just a typical Republican presidential family romp.


    Jim Nance wrote on July 27, 2008 11:35 AM: Yeah....a pol from the south side of Chicago is not corrupt....LOL

    Reid's family are lobbyist in DC and they make millions each year.


    tim wrote on July 27, 2008 09:03 AM: if my stock started tanking,i'd sell too.you wanna smell a rat, smell oblama.


    dig it up wrote on July 27, 2008 08:37 AM: I smell a rat!!! Like I've said before, a vote for McCain will be a vote for the most dishonest & corrupt president since Nixon.


    Chris wrote on July 27, 2008 07:51 AM: He probably "personally" knows the bank is in trouble and wants to distance himself from it.


    FDIC wrote on July 27, 2008 07:24 AM: FDIC may shut Silver State Bank next. Make sure you don't have accounts over the FDIC limit


    bobojake wrote on July 27, 2008 07:07 AM: My opinion is that either you are in the lobbyist business or a politican. You can't have a wife that lobby congress and be a majority leader. donski from SouthDakota was defeated in his last election. Now maybe we should clean up the lobby-politican business now.