Silver State Bancorp (NASDAQ: SSBX), the holding company for Silver
State Bank, announced today that the company received a letter on August
15, 2008 from the Nasdaq Stock Market indicating that the company no
longer complies with the audit committee composition requirements as set
forth in Marketplace Rule 4350, which requires a listed company to have
an audit committee of at least three independent members. As a result of
the resignation of Andrew K. McCain from the board of directors on July
26, 2008, the company’s audit committee has
only two independent members. In accordance with Marketplace Rule
4350(d)(4), Nasdaq has provided the company a cure period to regain
compliance until the earlier of the company’s
next annual shareholders’ meeting or July 26,
2009; or if the next annual shareholders’
meeting is held before January 22, 2009, then the Company must evidence
compliance no later than January 22, 2009.
The Nominating and Governance Committee of the company has recommended
that Mr. Philip C. Peckman be appointed to the Audit Committee to cure
the deficiency. Mr. Peckman currently serves as a Chairman of the Board
of Directors, and satisfies the qualifications, including the
independence requirements, necessary to serve as a member of the Company’s
Audit Committee and previously served on the Audit Committee prior to
the Company’s public offering in 2007. The
Company expects the Board of Directors to act on this recommendation at
its next scheduled meeting.
About Silver State Bancorp
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.
Deposit accounts at Silver State Bank are FDIC insured to the maximum
allowed by law. Please visit www.silverstatebancorp.com
for more information.
Stern And Company
Steve Stern, 702-240-9533
steve@sdsternpr.com
