Silver State Bancorp (fka SSBXQ)

[lifegear]

hmmmm...this could be wrong I suppose--from yahoo...

Total Cash (mrq): 240.10M
Total Cash Per Share (mrq): 15.863
Total Debt (mrq): 148.18M

[william2112]

no way..there is essentially nothing left ...... but there may still be an out...and a poss to profit ... she'll go much lower ... and if there are some takers .. there may be some play .. and that is all you need..all be it a miracle....but that(miracle) is up to zion...and they got all that they wanted by winning the bid...done deal

[lifegear]

do you think it will fill the gap?

[william2112]

it will be on the pink sheets

1. zion has the deposits + a little cash/securites(insured)

2. fed has the loans(and questionable uninsured dep)

3. silver state has the stock(their only asset..paper)

zion went up like the rest of them....on fan..and fred's back..the shareholders there of.......thousands and thousands of people got crushed today....this little fly is nothing compared to those....question is......how..or when to trade fan..and or fred?......lot of reading to do

[lifegear]

similar thing happened to IDMC but it's still trading....SSBX could end up in pinksheets or otcbb but not halted imho

[william2112]

you should have a shot @ it tomorrow....you'll be blind though...pinks---a little surprised by not seeing the 8-k....should see it within a couple of hours..eh?

[langlui]

okay, do u know when SSBX halt will get lifted?

[lifegear]

vulture ZION went up after acquiring SSBX deposits-Chart...

[Sola Fide]

Yet another example of the lack of integrity in companies, both large and small

[lifegear]

it looks like 4.54 per share including banking business

[sidesh0wb0b]

indeed we will sir, on to the next. what a shame!

[vlispxpert]

Well, this is why I don't put all my eggs in one basket, many times I wished I had put more into some great plays I've been in the last year...but this just reminds me of why I don't play that way...You just never know...We'll make it back...

[vlispxpert]

Not only EDS, in Ameritrade Ford Equity Research placed them as a BUY, and Jaywalk had them as a hold...Obviously, some stuff was held back as even the researchers got burnt on this one...

[sidesh0wb0b]

im a stuckie now, but leaving the board. ouch is all i have to say.......

[sidesh0wb0b]

i feel your pain too bro, i fell for the trap as well...........ugh

[eye_ater]

Freaking sucks. Something not right here.

[vlispxpert]

This has to be the worst call I've ever made & I've never been more pissed off about a play....of course, they had to announce this on a Sunday, no chance for stockholders to bail...Screwed us all...This was my largest holding & a nice hit to my account...I'll make it back elsewhere, but I have to say this was definitely a TERRIBLE call on my end...

[Sola Fide]

Buggers, I just pulled up the ticker to see where it was @ today, I hadn't seen the press on it.
That is 3 companies that I know of that EDS got Really Wrong after doing extensive DD?!
SSBX, AQUI, ONCO, and...

[william2112]

it's a T12 -----Trading Halted; For Information Requested by Listing Market

.....got out @ .09 early..just hope nobody kicks themselves for the play...heavy risk..heavy reward.....that's how the ponies go...there are plenty more out there....good luck all

[AC416]

stock is halted?? maybe a pr???

[eye_ater]

Yeah, something very shady about all this.

[sidesh0wb0b]

i agree, this is a well undervalued Co...........just isnt making sense right now

[eye_ater]

What a kick in the nuts. Total horseshit if you ask me.

[EvaLegs]

maybe the buyers are shorts that covered positions!

[sidesh0wb0b]

i see 50k premarket volume with bid .09 and ask .12
i see a selloff coming, just not from insiders and institutions..........

[EvaLegs]

i don't see a big sell off!

some ideas?

[sidesh0wb0b]

taking a nose dive this morning! YUCK!

[sidesh0wb0b]

not yet, im guessing we will hear from them soon enough

[EvaLegs]

Strange, no SEC filing, no news from the company,

absolute nothing!

[sidesh0wb0b]

as in trade today? yes it will........

[EvaLegs]

Do you think that SSBX open?

[sidesh0wb0b]

Regulators close down Nevada's Silver State Bank
By MarketWatch
Last update: 4:19 a.m. EDT Sept. 7, 2008

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.
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.
Nevada State Bank is a subsidiary of Zions Bancorp., (ZION)
Zions Bancorporation the Salt Lake City banking- and financial-services provider.
At the time of closing, about $20 million in uninsured deposits were held in about 500 accounts that potentially exceeded the insurance limits. This estimate is likely to change once the FDIC obtains additional information from these customers.
Silver State Bank also had some $700 million in brokered deposits that are not part of Friday's regulatory action. The FDIC will pay the brokers directly for the amount of their insured funds.
Silver State's closure will cost the FDIC's deposit insurance fund an estimated $450 million to $550 million.
According to the Journal article, Silver State was founded in 1996 to specialize in construction and land-development loans in Nevada and Arizona. The company raised about $30 million in an initial public stock offering in July 2007.
But in one year, the business fell into disarray under the pressure of the subprime credit and real estate crises. By June 30, borrowers had fallen behind on about $252 million worth of loans, compared to about $11.5 million six months earlier, according to the FDIC

[langlui]

here is the info, does any of that help?
http://www.finviz.com/quote.ashx?t=ssbx

[lifegear]

$1.7B in deposits, total assets 1.96B, can't find the book value on yahoo finance

[sidesh0wb0b]

i agree well undervalued for share structure and assets etc.........just wish there was something a little different going on here...such a pain.....

[VERITAS77]

People need to dig a little bit deeper.
Underneath reveals where this potential should be headed.
Chartwise/news wise we are looking at this headed to the $1-7 range, as the chart indicates.


Fundy wise.... is within.

Shares Float 7,400,000
Total Shares Outstanding 15,135,765
% Owned by Insiders 51.10 %
% Owned by Institutions 9.10 %

**There are only 7.4 mill shares in the float.
If...
This was going to have a bad ending.... INSIDER OWNERSHIP (this being CURRENT) would not be at a level of 60%.
Think about it.

Chartwise shows no major gaps, ABK and a few other charts work this way. A steady push downward of the stock only makes a HUGE COIL for a MAJOR REVERSAL.

Concerning the recent pr, sounds like a r/m/ buyout concept here.
As mentioned in open market or behind doors a float buyout is only about 3.7 million.
There recent 10 million dollar loans and other things in the works likely speak for themselves.




It is a puzzling thing. The truth knocks on the door and you say, "Go away, I'm looking for the truth," and so it goes away. Puzzling.

Stop by the ETERNITY board for a contrarian approach to all mattersof life

[langlui]

we are damned, lol

[langlui]

do you know how mch they have in banking biz and in share price how much it's equivalent to?

[AC416]

i wouldnt say worthless...
this is my view on how this will play out...

share take a huge plunge on monday because of the bad news and worried investors, stock will be further shorted, a buy out may come into play in by the end of the year...we may get a the bounce we are looking for....

it wont make sense that this stock will just disappear if some one is taking over their business...but who knows, these are just my views

[sidesh0wb0b]

we all were!

[BlackSwanster]

Damn I was looking to play the BOUNCE!

[lifegear]

let's see how much they got for their banking business

[langlui]

does that mean all SSBX will be worthless on Monday?

[StormyMonday]

Oh in that case us shareholders are bag-holders.SSBX should be in the single digs come Monday :(

[AC416]

nevada state bank is not a private company, its under zion bancorp, thats why my earlier post suggested that a buy out may happen...i hope so for our sake...i think it will in the next couple of months, but that just my guess...they got to get everything together first, may be they arleady started...just my opinions

[StormyMonday]

Because there was no need to file.The Bank was making a good comeback and had all the correct cutbacks in place. The FDIC took the Bank over yesterday and its appointed reciever sold SSBX to the Nevada State Bank.
Although there is no proof to WSJ report it did in fact cause a run on the Banks deposits from panic depositors.Blame it on the polititions. I do not know if SSBX will be trading as a shell.Nevada State Bank is a private Company but will they be the new Public Company for SSBX? I am sure we will find out soon enough


Message me if you can figure out this market.

[lifegear]

I wonder why they didn't file for Chapter 11 ahead of time, will this become just a shell? doesn't it sound like the bank was sold?


___________________________________________________
"The only thing necessary for the triumph of evil is for good [people] to do nothing." --Edmund Burke

[StormyMonday]

Amazing that they closed down Silver State Bancorp as it sure seemed to be making headway in clearing up bad loans and yet Downey Financial NYSE DSL remains in business with $2 Billion dollars in bad loans.
This Bank would have not gone into recievership if McCain's Son was never involved with the Bank. Bank went under due to Demacrats creating a scandal which reached WSJ bi lines.
OH THE IRONY!

[william2112]

lol.........yep:

SALT LAKE CITY, Sept 05, 2008 /PRNewswire-FirstCall via COMTEX/ -- Zions Bancorporation

(ZION 32.97, +2.44, +8.0%) announced today that its subsidiary, Nevada State Bank has acquired the insured deposits of failed Henderson, Nevada-based Silver State Bank. The State of Nevada, Financial Institutions Division found that Silver State Bank was unable to meet the demands of its depositors in the ordinary course of its business. The transaction includes insured deposits of more than $800 million. All former branches of Silver State Bank will open Monday morning as branches of either Nevada State Bank or National Bank of Arizona, subsidiaries of Zions. Silver State Bank operated 13 full service branches in southern Nevada, which will become part of Nevada State Bank, and four full service branches in the Phoenix/Scottsdale, Arizona area, which will become part of National Bank of Arizona. The FDIC will retain most of Silver State's loan portfolio.

[AC416]

hopefully zion bancorp, puts in a bid to buy out the remainder of the bank, including stock....entire shareholders can be bought out at under 10million dollars...which is peanuts for zion bancorp...

probably wont hear anything for a month or two, mean time i can see the shares take a huge dive monday....