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The 12th Bank Collapse This Year

The 12th Bank Collapse This Year

CNN

September 20, 2008

Ameribank Inc. was shut down on Friday by the Office of the Thrift Supervision, making it the 12th bank this year to go under.

The Northfork, West Virginia bank had total assets of $115 million and total deposits of $102 million, according to a statement on the Federal Deposit Insurance Corporation Web site.

The FDIC was named receiver and announced that it 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 Ameribank’s deposits.

Ameribank has five branches located in West Virginia and three branches located in Ohio. Branches in West Virginia will reopen on Monday and Ohio branches will reopen on Saturday.

All customer accounts were automatically transferred to the two new banks and the full amount of their deposits will automatically be insured, the FDIC said.

Customers of the banks can still access their money over the weekend by writing checks or using ATM or debit cards, according to the statement by the FDIC.

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Ross: 1,000 More Banks Will Fail
http://www.cnbc.com/id/26710362

UK: More Banks Will Fail
http://209.85.173.104/search?q..1&gl=us

List of Failed Banks
http://www.fdic.gov/bank/individual/failed/banklist.html