Losses grow at former company of McCain's son
Losses grow at Silver State after the son of US presidential candidate McCain quit his role
A company in which presidential candidate John McCain’s son quit as CFO has
posted higher than expected losses.
Andrew McCain quit as director of Silver state Bancorp at the end of July,
which announced a $62.7m loss a week alter. But its latest quarterly filing
shows the loss at $73.2m, because the company had to increase its loan loss
reserves, reports CFO.com.
The alteration followed an update of the collateral underlying one of its
commercial bank loans – there is no indication that McCain or bank officials did
Reports suggested he had quit his post at Silver State as it would be
difficult to maintain that role while serving as CFO of Arizona beer distributor
Hensley & Co and as chairman of the Greater Phoenix Chamber of Commerce.