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Regulators unveil enforcement action against failed Henderson bank

Federal bank regulators Friday revealed a second enforcement action alleging reckless, unsafe and unsound banking practices at the failed Silver State Bank of Henderson.

The Federal Deposit Insurance Corp. made public a complaint against former bank officer Steven D. Haynes in which it proposes to fine him $75,000 and bar him from working for any insured depository institution, i.e. most banks.

The FDIC charged that Haynes breached his fiduciary duties as an officer of the bank in approving poor quality home construction loans, earning about $11,000 in improper loan fee commissions, and this caused the bank and the FDIC as receiver a loss of more than $2.6 million.

The FDIC said Haynes was a lending officer at the bank beginning in 2001 and later worked as a supervisor of junior loan officers and as branch manager of the Pebble Market office until the bank failed on Sept. 5, 2008.

The failure of Silver State, with loans and other assets of about $1.9 billion and 17 branches in Nevada and Arizona, was expected to cost the FDIC more than $450 million .

Problems with 18 of the home construction loans Haynes approved included him failing to verify or document the borrowers’ financial conditions, net worth, incomes and/or employment to determine their creditworthiness, the FDIC said.

"The borrowers’ actual incomes and net worth were in fact inadequate for the borrowers to obtain permanent financing of the construction loan or to otherwise repay the loan," the complaint said. "Haynes’s failure to determine the borrowers’ creditworthiness and risk they posed to the bank was a significant factor in the ultimate loss sustained, or to be sustained, in connection with these loans."

The FDIC complaint focused on loans for Utah homes involving Greystone Financial Group of Las Vegas; and Humarock Mortgage LLC and its owner Kent Allred of Draper, Utah, who provided third-party mortgage origination for Greystone.

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