Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
volume very low, but holding up price well....lets see the bid go to .02 soon hopefully
time to load up here...shares are coming back up....may see a little bounce....
the problem with indymac was, the bancorp was left alone, and the bank was bought out...based on speculation that the bancorp was being bought out it went from 3-17....the only reason indymac bancorp still traded is because they are still in court fighting over assets which belong to the bancorp, and not the bank.....
the only way for this to go up is, if we can see the net operating loses (NOLs)for the last 5 yrs, see how much they are worth....becuase these still belong to bancrop, not the bank....if these are worth alot, then some one may buy out the shell (bancorp) to retain the net operating loses...basically getting tax free income....i dont know what our NOL's are worth, and we are worthy of a buy out...you never know...lots of banks are in this postion wamu, lehm are just to name a few... lets see what happens.....
WOW, that's lot of $$$.., reading those news and I fund out that I also own LSRAF (LaSalle Bank), OMG, lol!!! Let's hope that Indy Mac fenomenon happen here again too and some bank buy us out!!
Great DD, Thanks AC416!
;)
the thing is ssbx is under chapter 7 bankruptcy...i cant see us getting much back....acccording to this
http://www.lasvegassun.com/news/2009/jan/07/henderson-based-silver-state-bancorp-files-bankrup/
nothing left over...unless they some how have assets we do know about or some one wants to buy the NOL's for the past 5 years....similar to indy mac...but they had a buyer for the bank, and shares went up from 3- 17...and just news, but we are not so lucky here to have a buyer...the assets were just given to the nevada bank....in any case there is some activity and we shall see where it goes...
Don't worry AC416, I understand and respect your point of view. I agree with you that the numbers in the news doesn't add up with the current pps. But the stock is moving now and who knows, maybe this stock is close to exit BK and that is the little increase that we are looking right now.
At this point we are all waiting for news, good news!
GLTU Amigo!
;)
i apologize to you, with regards to finding my comments as being offensive. my intention is not to start anything with you. i dont know you, and i dont intend to come off the wrong way or sound rude.
I have read the pr as well, and I agree that those are the stated numbers. I find that they way it was posted, that these are not the current assests of the company. as i read the pr, it looks to me as that was the assets pre seizure (as it states, assest grew to 2 billion, I dont believe they are 2 billion as of now)....i find it hard to believe that this company has two billion in assets and is trading near 1 penny....its the way i read the pr....
i hope you are right and i am wrong, for the sake of recovery....
once again, i apologize to you with regards to my inflammatory comments, no disrespect intended...
If SSBXQ goes out of BK, this can be a good play. The question is...When? So far, the ask is .03, somebody is buying and the only information we got is the last PR. I hope we get news soon.
Excuse me!? That information is public and current; one is the last PR on Apr 09, 2009 and the other is the information on their website. I hope this help.
Report blames bank's officials
Apr 09, 2009 (Las Vegas Review-Journal - McClatchy-Tribune Information Services via COMTEX) -- The managers and directors of Henderson-based Silver State Bancorp. are to blame for the failure of the $1.9 billion asset bank last September, but federal bank examiners should have spotted problems and intervened earlier, the Inspector General's Office of the Federal Deposit Insurance Corp. said in a report.
The report, which was released Monday, said that the banking company's chief executive officer and executive vice president bear the main responsibility for the "high-risk business strategy" and "uncontrolled growth" that led to the bank's collapse. While the report did not name CEO Corey Johnson and Executive Vice President Douglas French, they were the individuals in those positions during the periods addressed by the inspector general's office.
The report cited as an example of problems at the bank that weren't spotted or stopped that French was given a bonus for loans he originated under arrangements that didn't emphasize loan quality. The report said such executive compensation is not only highly unusual but it is "a significant concern."
The Federal Deposit Insurance Corp.'s deposit insurance fund lost $553 million because of Silver State's demise, up from $505 million estimated earlier.
Silver State was formed in 1996, but over the years, the bank switched from focusing on risky commercial real estate loans that are secured by developed properties, to riskier acquisition, development and construction loans that are typically backed by raw land or construction projects, according to the Inspector General's report.
At the same time, Silver State grew more dependent on volatile sources of deposits, such as high-yield certificates of deposits sold by stock brokers.
At the request of the Nevada Financial Institutions Division and the FDIC, the bank's board of directors adopted a resolution in 2005 relating to commercial real estate loans.
Regulators directed the board to establish a business strategy that acknowledged the risk of having a concentration of commercial real estate loans, the need for sufficient capital and the need for adequate loan loss reserves.
The FDIC lifted those requirements in September 2006, but the Inspector General said "these issues were not effectively resolved." Acquisition, development and construction loans ballooned to 690 percent of capital in 2008 from 131 percent of capital in 2001.
"In addition, (the bank) had liberal loan underwriting standards, ineffective loan administration procedures, poor loan risk management practices and an inadequate (allowance for loan losses)," the report said.
At the same time, Silver State started relying more on certificates of deposit sold by stock brokers and a few large depositors. Bankers consider brokered CDs "hot money," because these CD holders typically have no loyalty to the bank and may pull their money if they can do better elsewhere.
Those "funding sources are subject to quick withdrawals in a deteriorating market or a reported decline in the bank's financial position," the report said. FDIC officials said "it appeared that bank management did not understand the nature of level of risk that they created by using these volatile funding sources."
Total assets at Silver State grew to $2 billion from $700 million over 42 months, according to the report. Risky acquisition development and construction loans climbed to 67 percent from 21 percent of gross loans over the same time frame, despite the rapid growth in total loans.
The Inspector General's report also criticized bank examiners for failing to take stronger actions to address the growing risks at Silver State.
"Although the deterioration of the bank's financial condition was severe in 2008, the underlying risks were evident in the preceding years," the report said.
In fact, in May 2007, the FDIC gave Silver State an overall 2, the second-best rating on a scale known as CAMELS that looks at how banks manage their market risks.
The examiners' report also failed to note how the Las Vegas and Phoenix markets where Silver State operated were deteriorating.
"Examiners did not downgrade the bank's ratings until the following examination in July 2008 -- (Silver State's) last examination before the bank failed," the report said. The FDIC in March 2008 found that Silver State was inappropriately using loan reserves. It would make a loan that included an interest reserve. Loans for projects that were struggling would be current on interest payments because the payments were drawn from pre-funded reserves, thus masking underlying problems.
At the June 2008 examination, the bank's composite CAMELS rating was cut to 5, the lowest possible rating, "indicating extremely unsafe and unsound practices or conditions, critically deficient performance and inadequate risk management practices."
Because of reliance on high-rate and brokered deposits, "when the bank's financial condition began to deteriorate, its funding sources began to disappear."
The Nevada Financial Institutions Division seized Silver State in September and named the FDIC as receiver.
George Burns, commissioner of the Financial Institutions Division, said the report speaks for itself. The FDIC could not be reached for comment. Johnson did not return calls for comments.
http://www.silverstatebank.com
Phone: 702-433-8300
idnt ur post misleading...thats not why the stock is going up, those figures are pre bankruptcy...i have held shares purchased before bankruptcy, and a lot of money was lost...i recommend watching what you post, and not lead people on....you may upset a few people....thanks...
"We are the oldest state-chartered and fourth-largest bank in Nevada with $4 billion in assets"
www.silverstatebank.com
"Total assets at Silver State grew to $2 billion from $700 million over 42 months, according to the report."
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=ssbxq
any reason for this increase you think...
LG you came to visit me in this house! So nice to have you!!
I was so lonely here! Drinks?
;)
wow you're moving this by yourself? =)
SSBXQ @.004!!
;)
nah, nothing good or bad really
anything good?
show on CNN now about silver state and talking to doug french
wow both volume and price died....not sure why we had a spike in the first place...any thoughts
well the volume is back which is good...hopefully something is in the works...any recovery is good, especially for those who invested in 5-10dollar range
interesting
upticked today, maybe it's a start
getting Q tomorrow
no Q yet but it's still pushing up
That could be good. Q stocks are doing very well lately...
I guess it will have a Q soon, I wonder how FDIC is keeping the NOLs, are they buying preferred shares for that?
thanks,
makes a little more sense why there is some activity, they filed for bk...does this now become a q stock...wonder if anyone is interested in buy the shell, at 15mil os, you can buy the whole os for 750k...with 239k tax refund and a 24.3 ml NOL, should be interesting to see if there are any bidders...
very interesting activity....considering this went sub penny recently....can we speculate that someone is either buying share to take control of the shell...or trying to buy out ssbx....is ssbx a holding company that owned the bank...maybe a holding company has some losses, that can be taken advantage off?
MM's moving to .04 - .06 and .13 today on ask
0.02-0.04 spread....some interest but not sure whats happening here...any ideas...
saw that, thats great
just wondering where all this activity is coming from
Now .019 x .02 with the ask getting hit
Moving up - now .016 x .02
There are filings here ...
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=ssbx
Also there is info here ...
http://www.silverstatebank.com
Phone: 702-433-8300
I haven't seen any bankruptcy filing on this one yet, have you heard anything about their status?
Life....check out AGIXQ also.....
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=agixq
Pharma company in chpter 11 with a new heart/diabetes drug in phase 3 testing.
Rumours of a buyout coming by a bigger pharm company ...
Buyout to be $1-$3 by Feb ... (rumours)
Do some digging on this one but IMO its worth a shot....
http://investorshub.advfn.com/boards/board.aspx?board_id=3880
cool free level II and the company is paying for that
Followers
|
11
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
621
|
Created
|
05/19/08
|
Type
|
Free
|
Moderators |
Silver State Bancorp, through its wholly-owned subsidiary, Silver State Bank, currently operates thirteen full service branches in southern Nevada and four full service branches in the Phoenix/Scottsdale market area. Silver State Bank also operates loan production offices located in Nevada, California, Washington, Oregon, Utah, Colorado and Florida.
Silver State Bancorp is headquartered in Henderson, Nevada and listed on the Nasdaq Global Market under the symbol SSBX.
http://www.silverstatebancorp.com/
HENDERSON-BASED BUSINESS: Silver State Bancorp files for bankruptcy
Bank holding company's filings show losses in 2006 and 2007
http://www.lvrj.com/business/37195794.html
Jan. 07, 2009
Copyright © Las Vegas Review-Journal
FDIC Information for Silver State Bank, Henderson, NV | ||
On September 5, 2008, Silver State Bank, Henderson, NV was closed by the Nevada Financial Institutions Division. Subsequently the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All insured non-brokered deposit accounts at the Nevada branches have been transferred to Nevada State Bank, Las Vegas, NV. For more information on Nevada State Bank visit us at http://www.nsbank.com. All insured non-brokered deposit accounts at the Arizona branches have been transferred to National Bank of Arizona, Tucson, AZ. For more information on National Bank of Arizona visit us at http://www.nbarizona.com. The FDIC has assembled useful information regarding your relationship with Silver State Bank. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution. Please select the link below to read more about this event: |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |