SAN FRANCISCO (MarketWatch) -- State and federal regulators
shut down Nevada's Silver State Bank late Friday. It was the
11th bank to fail in the U.S. so far this year.
The bank, which was overexposed to risky real-estate loans, had almost $2 billion in assets and 17 branches in Nevada and Arizona.
Until six weeks ago, Andrew McCain, the son of Republican presidential nominee Sen. John McCain of Arizona, was a member of Silver State's board and also its three-member audit committee. Andrew McCain left the Henderson, Nev., bank July 26 after five months on the board, citing "personal reasons." He is Sen. McCain's adopted son from his first marriage.
There is no evidence that Andrew McCain, 46, committed any wrongdoing, nor is there any indication that Sen. McCain had any knowledge of or involvement in Silver State's problems.
The Wall Street Journal reported in its online edition that McCain spokesman Taylor Griffin said Andrew McCain joined the bank's board in April but stepped down from the board and audit committee when he realized that the obligation would require more time and attention than he was able to give.
According to the Federal Deposit Insurance Corp., Nevada State Bank, based in Las Vegas, will assume all the insured deposits of Silver State Bank. (SSBX:
0.56, 0.00, 0.0%) Nevada State Bank agreed to purchase the insured deposits for a premium of 1.3%. At the end of June, Silver State Bank assets of $2 billion and total deposits of $1.7 billion... 
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