From CNN:

Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development.

It was the 11th failure this year of a federally insured bank.

Nevada regulators closed Silver State and the Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.

Interestingly, Andrew McCain, son of the current republican presidential candidate sat on the Board of Silver State until July. He was a member of the bank’s audit committee, which was responsible for overseeing the company’s accounting.

As Nigel Tufnel said: This goes to eleven.

Eleven, originally uploaded by Zobot-.