BusinessCompany NewsLosses grow at former company of McCain’s son

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
anything wrong.

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.

Further reading:

More
about the story here

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor