Shades of the Keating Five-McCain’s son resigns from bank board

Johnny’s son Andrew McCain has resigned two high up posts he held on two bank boards per the Las Vegas 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.

Personal reasons my hairy ass. The stock value of these two banks has plummeted recently, which might mean Federal takeover of them is close at hand. Again, from the LVRJ:

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.

Hmm…sounds fishy wouldn’t you say? Hope this shit splatters all over Andy’s daddy..it would make my day!

Crossposted at Leftwing Nutjob.

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