Exhibit
99.1
SILVER
STATE BANCORP ANNOUNCES FDIC RECEIVERSHIP OF ITS BANK SUBSIDIARY, SILVER STATE
BANK, AND
EXPECTED
NOTIFICATION OF DELISTING FROM NASDAQ
Henderson,
NV – September 8, 2008 – Silver State Bancorp (NASDAQ: SSBX), announced today
that on Friday, September 5, 2008, Silver State Bank, the wholly-owned
subsidiary of the Company, was closed by the State of Nevada, Department of
Business and Industry, Financial Institutions Division and the Federal Deposit
Insurance Corporation was appointed as receiver of the Bank.
In light
of this event and pursuant to conversations with representatives of the Nasdaq
Stock Market (“Nasdaq”), the Company understands that it will receive later
today a letter from Nasdaq notifying the Company that its common stock will be
delisted. The Company does not intend to appeal Nasdaq’s decision to
delist the Company’s common stock.
In
addition, the Company announced that on September 7, 2008, Michael J. Thorell
submitted his resignation as acting Chief Executive Officer and President of the
Company, effective immediately. In addition, on the same date, Mark S. Bosco,
submitted his resignation as a director of the Company, effective
immediately.
Contacts
Media:
Steve
Stern
Stern And
Company
(702)
240-9533
steve@sdsternpr.com