Thursday, August 14, 2008

Silverstate Bank Update

If you're a regular reader of this blog you know I've been following the troubles over at SilverState Bank -- yes, the same Nevada bank where Andrew McCain (son of presidential candidate John McCain) served as a director and as a member of the bank's Audit Committee until he abruptly resigned (for personal reasons - uh hum) in late July:

My most recent SilverState Post: SilverState Bank - FDIC Seizure in the works?

Hot off the Press Update (as of 6 hrs ago):

Silver State Bancorp. Restates Q2 Results; Reports Wider Loss

SilverState Bancorp restated its previously reported second quarter financial results for 2008, reporting a wider net loss than previously stated due to an increase in the company's provision for loan loss reserve.

The company reported a restated net loss for the second quarter of $73.2 million or $4.84 per share, compared to the previously disclosed net loss of $62.7 million or $4.15 per share.

The company attributed the wider net loss to an increase in the provision for loan loss reserve to $69.1 million from the previously reported $58.6 million.

The increased provision is due to the company receiving an updated appraisal on the collateral underlying one of the company's commercial land loans subsequent to issuing the initial earnings press release.


It's merely just a matter of time...

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