Turns out Andrew McCain, CFO of the beer distributorship, resigned from bank board posts in July and now the bank is in trouble:
Who knew?
LVRJ: 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.
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.
Now this today:
LVRJ: Silver State Bancorp, the $2 billion-asset holding company for a similarly named Henderson bank, on Thursday disclosed it may not be able to continue as a "going concern" as presidential politics began to swirl around former director Andrew McCain, son of Republican presidential candidate John McCain.
The national news media is starting to ask questions about the resignation of Andrew McCain from Silver State's board in late July as the bank's financial problems became more apparent.
The bank holding company Thursday reported to the Securities and Exchange Commission that the regional recession, nonperforming loans and financial losses "create an uncertainty about the company's ability to continue as a going concern."
Silver State said it is "considering all strategic alternatives available," stopping its stock repurchase program and reducing "its lending exposure," particularly because of slumping values for residential and residential development properties.
....
Steve Stern, a spokesman for the bank, declined to elaborate on the statement but confirmed that national news reporters have been inquiring about the resignation of Andrew McCain.
Andrew McCain previously was a director of Choice Bank in Scottsdale, Ariz., which Silver State acquired in February. Andrew McCain joined Silver State's board the following month.
He served on the board's audit committee, but the audit committee didn't see financial results for the second quarter until several days after Andrew McCain resigned, Stern said.
John McCain's campaign said they weren't going to comment. Maybe we'll get a good Sunday story in the Washington Post or NYT.
