Exhibit 99.1

SILVER STATE BANCORP ANNOUNCES RESTATEMENT OF EARLIER REPORTED 2008 SECOND

QUARTER FINANCIAL RESULTS

HENDERSON, NV – August 14, 2008 — Silver State Bancorp (NASDAQ: SSBX) today announced that it has restated its earlier reported 2008 second quarter financial results.

The Company reported a restated net loss for the quarter ended June 30, 2008 of $73.2 million, or ($4.84) per diluted share, compared to the previously disclosed net loss of $62.7 million, or ($4.15) per diluted share. The reason for the increase in the net loss is an increase in the Company’s provision for loan loss reserve for the quarter to $69.1 million from the previously reported $58.6 million. The increased provision is due primarily to the Company receiving an updated appraisal on the collateral underlying one of the Company’s commercial land loans subsequent to issuing the initial earnings press release

The restatement does not affect any financial statements filed with the SEC for any period. All of our reports previously filed with the SEC can continue to be relied upon and fairly present in all material respects our financial condition and our results of operations and changes in financial condition as of the dates specified in the reports, and our second quarter 2008 Form 10-Q filed today contains the financial statements and related disclosures for the 2008 second quarter, as restated.

The Company’s restated financial statements and selected financial information are attached to this press release.

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. Please visit www.silverstatebancorp.com for more information. The deposit accounts of Silver State Bank are insured up to applicable limits by the Federal Deposit Insurance Corporation.

Forward-Looking Statements

This press release contains forward-looking statements. Terms such as “will,” “should,” “plan,” “intend,” “expect,” “continue,” “believe,” “anticipate,” “seek,” and similar expressions are forward-looking in nature and reflect management’s view only as the date hereof. Actual results and events could differ materially from those expressed or anticipated and are subject to a number of risks and uncertainties including but not limited to fluctuations in interest rates, asset quality, government regulations, economic conditions and competition in the geographic and business areas in which Silver State Bancorp conducts its operations. We undertake no obligation to review or update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Silver State Bancorp and Subsidiary

Consolidated Balance Sheets

June 30, 2008 and December 31, 2007

(Dollars in thousands)

(UNAUDITED)

	June 30, 2008			December 31, 2007
Assets
Cash and cash equivalents	$	15,918		$	13,838
Federal funds sold		224,183			—
Total cash and cash equivalents		240,101			13,838
Securities available-for-sale		51,821			51,966
Federal Home Loan Bank stock, at cost		5,957			5,469
Loans held for sale		86,543			68,868
Loans, net of allowance for losses of $78,869 and $19,304, respectively		1,473,698			1,539,667
Premises and equipment, net		40,666			43,081
Land held for sale		5,508			—
Accrued interest receivable		7,035			9,874
Deferred taxes, net		16,586			5,902
Other real estate owned		16,303			110
Goodwill		—			18,835
Intangible asset, net of amortization of $378 and $247, respectively		786			917
Prepaids and other assets		16,413			5,656
Total assets	$	1,961,417		$	1,764,183
Liabilities and Stockholders’ Equity
Deposits:
Non-interest bearing demand	$	122,052		$	177,084
Interest bearing:
Checking		414,308			535,902
Savings		25,774			22,943
Time, $100 and over		415,440			256,392
Other time		754,906			434,183
Total deposits		1,732,480			1,426,504
Accrued interest payable and other liabilities		11,969			9,890
Federal funds purchased and securities sold under repurchase agreements		1,595			9,983
Federal Home Loan Bank advances and other borrowings:
Short-term borrowings		30,000			34,000
Long-term borrowings		47,000			56,600
Junior subordinated debt		69,589			69,589
Total liabilities		1,892,633			1,606,566
Stockholders’ Equity
Preferred stock, par value of .001 cents; 10,000,000 shares authorized; none issued or outstanding		—			—
Common stock, par value of .001 cents; 60,000,000 shares authorized; shares issued 2008: 15,954,098; 2007: 15,944,154; shares outstanding 2008: 15,134,765; 2007: 15,271,421		16			16
Additional paid-in capital		80,224			79,721
Retained earnings (accumulated deficit)		(5,695	)		81,974
Accumulated other comprehensive income (loss)		(95	)		64
		74,450			161,775
Less cost of treasury stock, 2008: 819,333 shares, 2007: 672,733 shares		(5,666	)		(4,158	)
Total stockholders’ equity		68,784			157,617
Total liabilities and stockholders’ equity	$	1,961,417		$	1,764,183

Silver State Bancorp and Subsidiary

Consolidated Statements of Operations

For the three months and six months ended June 30, 2008 and 2007

(Dollars in thousands, except per share information)

(UNAUDITED)

	Three Months Ended June 30,						Six Months Ended June 30,
	2008			2007			2008			2007
Interest and dividend income on:
Loans, including fees	$	27,219		$	33,411		$	62,132		$	61,844
Securities, taxable		1,022			634			1,667			1,327
Dividends on FHLB stock		83			40			154			99
Federal funds sold and other		729			258			853			470
Total interest income		29,053			34,343			64,806			63,740
Interest expense on:
Deposits		15,626			12,713			29,986			23,480
Federal funds purchased and securities sold under repurchase agreements		31			88			123			242
Short-term borrowings		357			250			996			415
Long-term borrowings		620			643			1,283			1,214
Junior subordinated debt		772			689			1,840			1,355
Total interest expense		17,406			14,383			34,228			26,706
Net interest income		11,647			19,960			30,578			37,034
Provision for loan losses		69,100			1,860			100,100			3,190
Net interest income (loss) after provision for loan losses		(57,453	)		18,100			(69,522	)		33,844
Other income:
Gain on sale of loans		577			1,202			1,822			3,033
Net realized gain on sale of available-for-sale securities		—			—			52			31
Service charges on deposit accounts		258			221			523			420
Loan servicing fees, net of amortization		74			61			141			250
Other income		538			406			875			830
Gain (loss) on disposal of other assets		(2	)		(16	)		1			(16	)
Total non-interest income		1,445			1,874			3,414			4,548
Non-interest expense:
Salaries, wages and employee benefits		5,160			6,414			12,527			12,244
Occupancy		1,208			852			2,365			1,568
Depreciation and amortization		800			613			1,572			1,205
Insurance		613			552			927			621
Professional fees		1,544			463			2,474			1,314
Advertising, public relations and business development		286			226			599			451
Customer service expense		57			100			149			187
Goodwill impairment		18,835			—			18,835			—
Loss on other real estate owned		152			—			168			182
Other		1,358			943			2,717			1,822
Total non-interest expense		30,013			10,163			42,333			19,594
Income (loss) before income taxes		(86,021	)		9,811			(108,441	)		18,798
Income taxes (benefit)		(12,827	)		3,641			(20,826	)		7,040
Net income (loss)		(73,194	)		6,170			(87,615	)		11,758
Basic income (loss) per common share	$	(4.84	)	$	0.45		$	(5.78	)	$	0.86
Diluted income (loss) per common share	$	(4.84	)	$	0.44		$	(5.78	)	$	0.83

Silver State Bancorp and Subsidiary

Summary Consolidated Financial and Other Data

(Dollars in thousands, except per share data and ratios)

(UNAUDITED)

	At or for the Three Months Ended June 30,						For the Six Months Ended June 30,
	2008			2007			2008			2007
Selected Financial Data:
Interest income	$	29,053		$	34,343		$	64,806		$	63,740
Interest expense		17,406			14,383			34,228			26,706
Net interest income		11,647			19,960			30,578			37,034
Provision for loans losses		69,100			1,860			100,100			3,190
Net interest income (loss) after provision for loan losses		(57,453	)		18,100			(69,522	)		33,844
Non-interest income		1,445			1,874			3,414			4,548
Non-interest expense		30,013			10,163			42,333			19,594
Income (loss) before income taxes		(86,021	)		9,811			(108,441	)		18,798
Provision for income taxes (benefit)		(12,827	)		3,641			(20,826	)		7,040
Net Income (loss)	$	(73,194	)	$	6,170		$	(87,615	)	$	11,758
Share data:
Earnings (loss) per share—basic	$	(4.84	)	$	0.45		$	(5.78	)	$	0.86
Earnings (loss) per share—diluted		(4.84	)		0.44			(5.78	)		0.83
Book value per share		4.54			8.64
Tangible book value per share		4.49			7.20
Shares outstanding at period end		15,134,765			13,746,162
Weighted average shares outstanding—basic		15,121,715			13,723,765			15,166,228			13,710,441
Weighted average shares outstanding—diluted		15,121,715			14,141,082			15,166,228			14,155,906
Selected Balance Sheet Data:
Cash and cash equivalents	$	240,101		$	28,035
Investments and other securities		51,821			52,466
Loans held for sale		86,543			52,121
Gross loans, including net deferred loan fees		1,552,567			1,311,525
Allowance for loan losses		78,869			14,334
Assets		1,961,417			1,510,619
Deposits		1,732,480			1,245,305
Junior subordinated debt		69,589			38,661
Stockholders’ equity		68,784			118,767
Selected Other Balance Sheet Data:
Average assets	$	2,044,681		$	1,443,194		$	1,939,020		$	1,362,938
Average earning assets		1,972,159			1,367,547			1,864,017			1,288,871
Average stockholders’ equity		139,817			116,569			150,109			113,255
Selected Capital Ratios:
Leverage Ratio		4.5	%		9.6	%
Tier 1 Risk-Based Capital ratio		5.1	%		9.0	%
Total Risk-Based Capital ratio		9.0	%		9.9	%

Silver State Bancorp and Subsidiary

Summary Consolidated Financial and Other Data (continued)

(Dollars in thousands, except per share data and ratios)

(UNAUDITED)

	At or for the Three Months Ended June 30,				For the Six Months Ended June 30,
	2008		2007		2008		2007
Selected Financial & Performance Ratios:
Return on average assets (1)	-14.40	%	1.71	%	-9.09	%	1.74	%
Return on average stockholders’ equity (1)	-210.55	%	21.23	%	-117.38	%	20.94	%
Net interest rate spread (1)(2)	1.94	%	5.04	%	2.78	%	4.96	%
Net interest margin (1)(3)	2.38	%	5.85	%	3.30	%	5.79	%
Efficiency ratio (4)	229.25	%	46.55	%	124.54	%	47.12	%
Loan to deposit ratio	89.62	%	105.32	%
Average earning assets to average interest-bearing liabilities	112.37	%	119.34	%	114.09	%	119.99	%
Average stockholders’ equity to average assets	6.84	%	8.08	%	7.74	%	8.31	%
Selected Asset Quality Ratios:
Nonperforming loans to gross loans (5)	16.23	%	0.01	%
Nonperforming assets to total assets (6)	13.68	%	0.02	%
Loans past due 90 days or more and still accruing to total loans	0.66	%	—
Allowance for loan losses to gross loans	5.08	%	1.09	%
Allowance for loan losses to nonperforming loans	31.29	%	12045.38	%
Net charge-offs to average loans outstanding	1.82	%	0.00	%	2.40	%	0.00	%
Selected Other Data:
Number of full service branch offices	17		12

(1) Annualized for the three month and six month periods ended June 30, 2008 and 2007.

(2) Net interest spread represents average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.

(3) Net interest margin represents net interest income as a percentage of average interest-earning assets.

(4) Efficiency ratio represents non-interest expenses as a percentage of the total of net interest income plus non-interest income.

(5) Nonperforming loans are defined as loans that are past due 90 days or more plus loans placed in nonaccrual status.

(6) Nonperforming assets include nonperforming loans plus other real estate owned.

	Three Months Ended June 30,
	2008							2007
	Average Balance			Interest		Average Yield/ Cost (5)		Average Balance			Interest		Average Yield/ Cost (5)
	(Dollars in thousands)
Interest-earning assets
Investment Securities-taxable	$	127,796		$	1,022	3.22	%	$	53,214		$	634	4.78	%
Federal funds sold and other		141,050			729	2.08	%		22,968			258	4.51	%
Loans (1)(2)		1,697,417			27,219	6.45	%		1,287,071			33,411	10.41	%
FHLB stock		5,896			83	5.66	%		4,294			40	3.74	%
Total earning assets		1,972,159			29,053	5.93	%		1,367,547			34,343	10.07	%
Non-interest earning assets
Cash and due from banks		20,011							17,377
Allowance for loan losses		(42,009	)						(13,230	)
Other assets		94,520							71,500
Total assets	$	2,044,681						$	1,443,194
Interest-bearing liabilities
Interest checking	$	17,448		$	85	1.96	%	$	16,481		$	44	1.07	%
Savings and money market		499,456			3,852	3.10	%		522,192			6,161	4.73	%
Time deposits		1,071,521			11,689	4.39	%		487,380			6,508	5.36	%
Total interest-bearing deposits		1,588,425			15,626	3.96	%		1,026,053			12,713	4.97	%
Short-term borrowings		45,410			388	3.44	%		27,024			338	5.02	%
Long-term debt		51,642			620	4.83	%		54,207			643	4.76	%
Junior subordinated debt		69,589			772	4.46	%		38,661			689	7.15	%
Total interest-bearing liabilities		1,755,066			17,406	3.99	%		1,145,945			14,383	5.03	%
Non-interest bearing liabilities
Non-interest bearing demand deposits		137,570							169,333
Other liabilities		12,228							11,347
Stockholders’ equity		139,817							116,569
Total liabilities and stockholders’ equity	$	2,044,681						$	1,443,194
Net interest rate spread (3)						1.94	%						5.04	%
Net interest income/net interest margin (4)				$	11,647	2.38	%				$	19,960	5.85	%
Total interest-earning assets to interest-bearing liabilities		112.37	%						119.34	%

(1) Net loan fees of $2.8 million and $3.5 million are included in the yield computation for the three months ended June 30, 2008 and 2007, respectively.

(2) Nonaccrual loans have been included in average loan balances.

(3) Net interest spread represents average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.

(4) Net interest margin is computed by dividing net interest income by total average earning assets.

(5) Annualized.

	Six Months Ended June 30,
	2008							2007
	Average Balance			Interest		Average Yield/ Cost (5)		Average Balance			Interest		Average Yield/ Cost (5)
	(Dollars in thousands)
Interest-earning assets
Investment Securities-taxable	$	90,145		$	1,667	3.72	%	$	57,099		$	1,327	4.69	%
Federal funds sold and other		79,103			853	2.17	%		18,637			470	5.09	%
Loans (1)(2)		1,688,929			62,132	7.40	%		1,208,934			61,844	10.32	%
FHLB stock		5,840			154	5.30	%		4,201			99	4.75	%
Total earning assets		1,864,017			64,806	6.99	%		1,288,871			63,740	9.97	%
Non-interest earning assets
Cash and due from banks		17,547							17,968
Allowance for loan losses		(31,091	)						(12,389	)
Other assets		88,547							68,488
Total assets	$	1,939,020						$	1,362,938
Interest-bearing liabilities
Interest checking	$	13,970		$	112	1.61	%	$	18,676		$	101	1.09	%
Savings and money market		521,681			8,671	3.34	%		494,714			11,537	4.70	%
Time deposits		917,245			21,203	4.65	%		445,118			11,842	5.36	%
Total interest-bearing deposits		1,452,896			29,986	4.15	%		958,508			23,480	4.94	%
Short-term borrowings		57,743			1,119	3.90	%		23,968			657	5.53	%
Long-term debt		53,544			1,283	4.82	%		52,971			1,214	4.62	%
Junior subordinated debt		69,589			1,840	5.32	%		38,661			1,355	7.07	%
Total interest-bearing liabilities		1,633,772			34,228	4.21	%		1,074,108			26,706	5.01	%
Non-interest bearing liabilities
Non-interest bearing demand deposits		143,521							166,499
Other liabilities		11,618							9,076
Stockholders’ equity		150,109							113,255
Total liabilities and stockholders’ equity	$	1,939,020						$	1,362,938
Net interest rate spread (3)						2.78	%						4.96	%
Net interest income/net interest margin (4)				$	30,578	3.30	%				$	37,034	5.79	%
Total interest-earning assets to interest-bearing liabilities		114.09	%						119.99	%

(1) Net loan fees of $6.5 million and $5.8 million are included in the yield computation for the six months ended June 30, 2008 and 2007, respectively.

(2) Nonaccrual loans have been included in average loan balances.

(3) Net interest spread represents average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.

(4) Net interest margin is computed by dividing net interest income by total average earning assets.

(5) Annualized.

Contacts

Silver State Bancorp

Michael J. Threet, 702-433-8300 (Investors)

or

Stern And Company

Steve Stern, 702-240-9533 (Media)

steve@sdsternpr.com