Closed Friday, September 5, 2008 · Henderson, Clark County, Nevada
Silver State Bank
In the three years to the second quarter of 2008, Silver State Bank's assets grew 170%. Of the 15 failed banks on record in Nevada since 1934, it ranks third by size. It was one of three banks in Nevada to fail in 2008.
On the books, 2000 to 2008
Total assets were at their highest of these 32 quarters in the final report, for the second quarter of 2008. Equity capital stayed close to 7% of assets from the third quarter of 2000 to the last report. By then 15% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $85.7 million, was booked in 2008 in only part of the year.* 2008: January to June only, the last report before closing.
Size against the other 2008 failures
Total assets of each 2008 failure, log scale; Silver State Bank in red.
By assets it ranked seventh of the 25 failures in 2008. Across the failures of 2008, the median estimated loss came to 37% of assets. Ranked by estimated loss, it is 52nd of 2,944 failures since 1934. In the size ranking of that year, just above it was First National Bank of Nevada of Reno, Nevada ($3.4 billion, loss 21% of assets); just below, ANB Financial, NA of Bentonville, Arkansas ($1.9 billion, loss 54% of assets). Every 2008 failure in the explorer.
Failures in Nevada
The previous failure there was First National Bank of Nevada of Reno, on July 25, 2008. The next was Washington Mutual Bank of Henderson, on September 25, 2008. Clark County has 10 failed banks on FDIC record since 1934. Closest in time: Washington Mutual Bank (2008), Security Savings Bank (2009), Community Bank of Nevada (2009), Sun West Bank (2010), SouthwestUSA Bank (2010).