If Mr. [Andrew] McCain had remained on Silver State's board another four days, his position on the audit committee would have required him to sign off on the company's second-quarter financial statements.

So that would be one of the "personal reasons" McCain cited when resigning?

Three weeks after Mr. McCain quit, Silver State had to revise those second-quarter numbers to reflect a loss of $72.3 million, which was larger than previously reported. It warned in the Aug. 15 regulatory filing of "uncertainty about the company's ability to continue as a going concern," a sign the bank's survival was in doubt.

Silver State said at the time its insurance carrier planned to cancel policies protecting Silver State's directors and executives from liability due to the bank's elevated risk profile, effective Oct. 7.

Or this would be one of the "personal reasons" McCain cited when resigning?

William Robert, a co-founder of Choice, says Mr. McCain didn't play an active role on the boards of either Choice or Silver State. "He got on [the Silver State] board, he looked around, and he decided he shouldn't be on it," Mr. Robert said. "There's nothing suspicious here."

Indeed not.