McCain’s son resigns two bank board posts

Andrew McCain, son of Republican presidential candidate John McCain, on Saturday resigned from the boards of Silver State Bancorp of Henderson and Silver State Bank for "personal reasons," the holding company said.

Calls seeking comment from Andrew McCain weren't returned. A spokesman for Silver State said the company wouldn't elaborate on its announcement.

Andrew McCain was appointed chairman of the Greater Phoenix Chamber of Commerce, starting this month.

The younger McCain is chief financial officer of Phoenix-based Hensley & Co., a large beer distributorship. Critics have said John McCain would face a conflict of interest as president because of his wife's ownership of the beer distributorship, according to the Los Angeles Times.

However, there weren't any indications that Andrew McCain's resignation from Silver State's boards was related to his father's presidential campaign.

Andrew McCain, formerly director of Scottsdale, Arizona-based Choice Bank, joined Silver State's boards in February after the Henderson bank acquired Choice Bank.

The senator's son owned 1,226 Silver State shares of stock, according to the company's latest report to the Securities and Exchange Commission. That investment was worth more than $1,500 on Friday when the Nasdaq stock market closed.

Shares in Silver State and other publicly owned bank holding companies in Southern Nevada have lost most of their value over the past year as they reported increasing numbers of problem loans.

Silver State closed at $1.28 on Nasdaq Friday, down 2 cents for the day, but off from a 52-week high of $24.10.

Contact John G. Edwards at jedwards @reviewjournal.com or 702-383-0420.