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The bank had $1.7 billion in deposits when the Federal Deposit Insurance Corp. and Financial Institutions Division closed Silver State in early September. The filing reports that Silver State recorded $223.6 million in net losses in November but more intriguing are disclosures that the holding company lost $3.4 million in 2007 and lost $1.6 million in 2006. Silver State, which had shares traded on the Nasdaq National Market, previously reported it was profiting in 2006 and 2007. The holding company reported net income of $22.5 million in 2006 and $28.2 million in 2007. A call for comments from the bank's former accountants wasn't returned Tuesday. Assets include a directors and an officers' policy from Progressive Casualty Insurance, which has an unknown value. A $239,000 income tax refund is held by the FDIC. The holding company also claims a $24.3 million net operating loss tax refund claim, but that is subject to "dispute by FDIC," according to the filing. There are no secured claims against the holding company. Several entities that appear to hold bonds from Silver State account for most of the unsecured debts. The biggest unsecured claim totals $30.9 million in bond principal that LaSalle Bank of Chicago holds for Silver State Capital Trust VI. Wilmington Trust Co. is trustee for other entities with similar names but different Roman numerals. Keefe Bruyette & Woods, a New York investment banking firm, has claims of $93,000 for legal services. Kolesar & Leatham, a Las Vegas law firm, is owed $10,000. RSM McGladrey/McGladrey & Pullen is owed $20,000 for accounting services. The holding company has an unexpired lease with American Nevada Co. for space at 170 S. Green Valley Parkway. Board Chairman Philip Peckman declined comment Tuesday. Attorneys for Silver State didn't return calls for comment Tuesday. To see more of the Las Vegas Review-Journal, or to subscribe to the newspaper, go to http://www.lvrj.com. Copyright (c) 2009, Las Vegas Review-Journal Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for SSBX click here.
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