|
Updated: 10:36 PM Sep 20, 2008
Federal Regulators Shut Down Small W.Va. Bank
It was the 12th failure this year of a federally insured bank.
Posted: 9:52 AM Sep 20, 2008Reporter: The Associated Press Email Address: news@wsaz.com |
|
WASHINGTON (AP) - Federal regulators have shut down Ameribank
Inc., a small bank in West Virginia, saying it overextended loans
for the rehabilitation of distressed properties.
It was the 12th failure this year of a federally insured bank.
The Federal Deposit Insurance Corp. has been appointed receiver
of the bank, based in Northfork, W.Va. It had $115 million in
assets and $102 million in deposits as of June 30.
The FDIC said Friday the bank's insured deposits will be assumed
by Pioneer Community Bank Inc. of Iaeger, W.Va., and Citizens
Savings Bank in Martins Ferry, Ohio.
Its branches in West Virginia will reopen Monday as offices of
Pioneer Community Bank and its Ohio branches will reopen Sunday as
offices of Citizens Savings.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
The following statement came from the WV Division of Banking:
CHARLESTON, W.Va.— Acting West Virginia Division of Banking Commissioner Sally Cline announced today the Federal Deposit Insurance Corporation (FDIC) has been named receiver by the Office of Thrift Supervision following the closure of Ameribank, a federal savings bank headquartered in Northfork, West Virginia.
“West Virginians should not consider Ameribank’s situation to be a reflection on the health of community banks in our state. I want to assure all West Virginians that our state chartered banks are stable and fundamentally sound,” Cline said.
Ameribank, though headquartered in West Virginia, was not a state chartered institution. “Due to Ameribank’s federal charter, the West Virginia Division of Banking did not have the authority to regulate the financial institution’s actions,” Cline said. The Office of Thrift Supervision was the primary federal regulator of Ameribank and its branches located in Southern West Virginia and the state of Ohio.
“I have been informed by federal regulators that Ameribank’s former branches in Welch, Bradshaw, Iaeger, Northfolk and War, West Virginia, will re-open as branches of Pioneer Community Bank of Iaeger, West Virginia, on Monday, September 22, 2008,” Cline said. “Pioneer Community Bank is a well-capitalized state-chartered community bank that has operated in this state since 1931, and, therefore, the West Virginia Division of Banking will have the authority to supervise these branches and make certain that banking laws are enforced and prudent practices followed.”
The FDIC is the insurer of Ameribank’s deposits for up to $100,000 per depositor, per insured bank, and up to $250,000 for certain self-directed retirement accounts, such as IRAs (Individual Retirement Accounts). Because the Pioneer bid was for all deposits, not just the FDIC-insured amounts, depositors with funds over the FDIC insurance limits will not suffer any losses.
The West Virginia Division of Banking began in 1901 and is the state regulatory agency responsible for the oversight of depository and nondepository institutions licensed and chartered by the Division.
|
|
|
Popular Searches Powered by Local.com |
- UPDATE: Two More Arrests in Parking Lot Armed Robbery
- BREAKING NEWS: Former Sunoco in Huntington Shut Down
- Business Destroyed by Fire in Logan County
- NASCAR Racer Visits Charleston
- IRS Warns to Expect Some Refund Delays
- UPDATE: Man Charged in Violent Armed Robbery at Huntington Bar
- Residents Hopeful Dunbar Police Will Move to New Neighborhood
- Couple Claims Neighbor Child on their Taxes
- UPDATE: Mother Awaiting Sentence Faces More Trouble
- St. Albans Man Arrested in Large Drug Bust
- UPDATE: Vigil for Missing 3-Year-Old Girl
430 Comments - UPDATE: New Chief Deputy in Mason County Releases Department Mission Statement
148 Comments - UPDATE: Mother Awaiting Sentence Faces More Trouble
61 Comments - UPDATE: Two More Arrests in Parking Lot Armed Robbery
24 Comments - UPDATE: Guilty Plea in Scioto County Bank Robbery
18 Comments - NEW INFO: Woman on a Mission to Help Victims of Arson-Related Fire
16 Comments
- Driver herds kids off bus before it blows
- 7-year-old girl fights off alleged kidnapper at Wal-Mart
- 10 states leave school law behind
- Same-sex marriage OK'd in Washington
- Embattled LA school reopens
- Mississippi court hears challenge to pardons
- High court rejects stay in Spanish sunken treasure case
- Resolution to N. Dakota school nickname dispute still seems far off
- The deadly path to legal status
- Birth control by vending machine
- Video of Chinese toddler sobbing in snow sparks outrage
- Challenger to Chavez showing strength in Venezuela
- Spy agency called before Pakistani high court
- Court suspends Spain's most famous judge
- Deposed president faces arrest in the Maldives
- Greek leaders ready to back austerity deal
- More than 700 suffer food poisoning after Mexico rally
- Asylum or 'medical leave' for Chinese crime buster?
- UK: 'No negotiations' on Falklands
- Freeze strains Ukrainian EMS
- Band camp, other clubs suspended
- Champion remembered at event
- More members accused of hazing
- Sandusky urged to stay inside
- Words matter in Penn State case
- Out-of-county jury for Sandusky?
- 4th accuser drops abuse allegations
- Accuser pleads guilty to child sex
- Attorney: Victims to sue university
- Miss. high court considers pardons
- Lakers visit Celtics
- Lengthy run of All-Star selections end for Duncan, KG
- Don Banks: Biggest offseason questions in the NFL
- Tennessee St. hands No. 9 Murray State first loss
- Dirk, Pierce named All-Star reserves
- Tiger off to solid start at Pebble Beach
- Rangers, Cruz agree on two-year, $16M contract
- With Lin emerging, Knicks games added in Asia
- 'Oil Can' Boyd admits pitching while high on coke
- Leafs, Wings set for '13 Winter Classic
| SOMC
Very good things are happening here. Click here to learn more |
|
![]() |
Click here for school closings and delays |
|
Watch the Lottery Live Monday - Saturday @ 6:59pm on WSAZ NewsChannel 3. Need to check your numbers? Click here. |
|
![]() |
Watch the Ohio Lottery Drawings weeknights @ 7:29pm and Cash Explosion Saturday @ 7:30pm on WSAZ NewsChannel 3. |
![]() |
Click here to donate and help WSAZ help children at risk in our region. Thank you. |
![]() |
Click here to see how our partners are making Moms and women's lives easier. |







