2008 FDIC Insured Failed Banks
September 19, 2008: Ameribank, Inc., Northfork,WV, was closed by the Office of Thrift Supervision (OTS). The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of June 30, 2008, Ameribank had assets of $115 million and total deposits of $102 million.
The FDIC entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and The Citizens Savings Bank, Martins Ferry, Ohio, to take over all of the deposits of Ameribank.
The Citizens Savings Bank
Pioneer Community Bank
Established in 1906 as The First Clark National Bank Of Northfork
1991 Changed name to Ameribank, National Association
1991 Acquired The Bank Of War (WV)
1991 Acquired Ameribank, Welch, West Virginia, Inc.
1993 Changed name to Ameribank, Inc.
1999 Acquired The First National Bank Of Keystone
2005 Acquired Steel Valley Bank, National Association.
2008 Merged with government financial assistance into Pioneer Community Bank
► Depositors must establish contact or the successor bank or the FDIC to reclaim their deposits. ► Not every depositor in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes. By law, accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction. ► Additionally, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage.
► It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.
► For assistance tracing and reclaiming a lost bank account, certificate of deposit (CD) or safe deposit box go to: Unclaimed Account Search
70 Mcdowell Street
Welch, WV 24801
Established in 1906 as
The First Clark National Bank Of Northfork
|Cost to FDIC: $42 million|