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Failed Bank Information
Question and Answer Guide for Ameribank, Inc., Northfork, WV
All Deposit Transfer
Ohio Branches
FDIC Call Center
1-877-894-4710
Hours of Operation - Eastern Time
Friday, September 19, 2008: 7:00 p.m. – 9:00 p.m.
Saturday, September 20, 2008: 8:00 a.m. – 5:00 p.m.
Sunday, September 21, 2008: 8:00 a.m. – 5:00 p.m.
Thereafter: 8:00 a.m. – 6:00 p.m.
Is My Account Fully Insured? (https:www2.fdic.gov/drrip/afi/index.asp)
Electronic Deposit Insurance Estimator (www.fdic.gov/edie)
The following answers are provided to the most commonly asked questions by customers of the failed bank.  The total balance in your account(s) has been transferred to The Citizens Savings Bank, Martins Ferry, OH and will be available for transactions during regular business hours at the former Ameribank, Inc. branches.

DEPOSIT QUESTIONS

  1. Over $100,000   What if I have more than $100,000 in my accounts at Ameribank, Inc.?
  2. Account Hold   I have been advised there is a hold on my account.  What does that mean?
  3. ATM/Debit Card/Checks  Can I continue to write checks or use my ATM/Debit card?
  4. Automatic Payments/Online Bill Pay  Will my automatic payments through online Bill Pay continue?
  5. Brokered Deposits/Deposit Broker   I am a deposit broker or I have a deposit through a broker.  What do I need to do?
  6. Checks not Honored  A merchant will not honor my check.  What can I do?
  7. Claim Account(s)  How do I claim my account(s)?
  8. Customer Impact  How does this action affect me?
  9. Deposits Existing at The Citizens Savings Bank  I already have other deposit accounts with The Citizens Savings Bank.  When combined with balances at Ameribank, Inc., my deposits exceed $100,000.  Are all of my funds from both banks insured?
  10. Direct Deposits - Social Security, etc.  What will happen to my direct deposits?
  11. Early Withdrawal Penalty   Will I incur an early withdrawal penalty if I close my CD before maturity?
  12. Final Statement   How will I get my final account statement(s) from Ameribank, Inc.?
  13. Interest  Will I continue to earn interest at the same rate?
  14. Interest Check/Cashier's Checks  Can I cash my interest check or cashier's check?
  15. Internet Connection   Will my Internet connection to Ameribank, Inc. still work?
  16. IRAs   What if I have an Individual Retirement Account (IRA)?  Will my savings still be insured?
  17. Outstanding Checks   What will happen to the checks which have not cleared my account?
  18. Records/Account Histories  What if I need information regarding my account during the time Ameribank, Inc. was in business?
  19. Tax Reporting - 1098/1099s   Who will send my 1098 and/or 1099 information after the end of the year?
  20. Wire Transfer   Can funds be wired to me?

LOAN QUESTIONS

  1. Automatic Payments  Will my automatic transaction payment still occur on its assigned date?
  2. Construction Loan Draws  Will construction draws continue?  Will my project be completed?
  3. Construction Loan Voucher Control  Will my subcontractors be paid as before?
  4. Escrows  Will you continue to pay my escrows?
  5. Fees  Are there any changes to fees or charges due to this event?
  6. Lender and Contact Names  Who is my lender and has my loan contact changed?
  7. Loan Sales  Will my loan be sold?
  8. Line of Credit Advances - Home Equity Lines  Can I continue to draw on my Home Equity Line of Credit (HELOC)?
  9. Loan in Process  I have a loan currently in process.  How is my loan impacted?
  10. Loan Sweeps  Will my loan sweep be discontinued?
  11. Overdraft Line of Credit  Will the overdraft arrangement tied to my savings account continue to stay in place?
  12. Payments  How and where do I make my payments?  Can I still pay by phone or at the branch?
  13. Pre-payment Penalty  If I refinance with another lender, will my pre-payment penalty be waived?
  14. SBA Application in Process  What will happen to my SBA loan application in process?
  15. What Happens Now  What will happen to my loan?

GENERAL QUESTIONS

  1. All Deposit Transfer versus Insured Deposit Transfer  Why do all deposits, insured or not, pass in some transactions but not in others?
  2. FDIC Insurance  Where can I find out more about Federal Deposit Insurance rules?
  3. Media   I represent a TV/Newspaper/Radio and would like some information.
  4. New Bank Insured   Is The Citizens Savings Bank insured by the FDIC?
  5. Safe Deposit Boxes   How can I claim the contents of my safe deposit box?
  6. Shareholder  I am a shareholder of Ameribank, Inc.  What happens to my shares?
  7. Unpaid Bill   I did some work for Ameribank, Inc. and have not yet been paid.  What should I do?
  8. What Happened?  What happened, why did the bank fail?
  9. Work for FDIC - Contract or Employment   How can I apply to work for FDIC as a contractor or employee?
DEPOSIT QUESTIONS
1.  What if I have more than $100,000 in my accounts at Ameribank, Inc.?
All deposit accounts in Ohio branches have been transferred to The Citizens Savings Bank, based in Martins Ferry, OH.  All former Ameribank, Inc. offices in Ohio will reopen for normal business hours beginning Saturday, September 20, 2008, as branches of The Citizens Savings Bank.

As an All-Deposit Transfer transaction, the total of all deposit accounts in Ohio branches, whether within FDIC insurance limits or not, have been assumed by The Citizens Savings Bank and will be available for transactions.

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2.   I have been advised there is a hold on my account.  What does that mean?
Any account pledged as collateral for a loan will be held.  It is also possible a depositor’s account was held due to delinquent loans where the depositor is the borrower or guarantor.  A letter will be sent informing you of these types of account holds, along with instructions on how to proceed.  If you have any questions regarding these account holds, please call your loan officer.
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3.  Can I continue to write checks or use my ATM/Debit card?
Yes, you can continue using your personal checks.  The bank ATMs may be down for a short period of time after closing to affect small administrative changes and will be back up shortly after processing is completed.  Your ATM/debit cards will continue to work.
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4.   Will my automatic payments through online Bill Pay continue?
Yes.  Bill Pay will be down Friday evening; however, Bill Pay service will be restored Saturday morning.
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5.  I am a deposit broker or I have a deposit through a broker.  What do I need to do?
All brokered deposits have been transferred to The Citizens Savings Bank, based in Martins Ferry, OH.  You should contact them for any future changes or agreements.
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6.   A merchant will not honor my check.  What can I do?
A copy of this document or the press release (www.fdic.gov/news/news/press/2008/pr08082.html) can be provided since both documents state all deposits in the Ohio branches have been transferred to The Citizens Savings Bank, and it is business as usual.  Copies of this press release will be available at the former Ameribank, Inc. branches.  Depositors or merchants can also call the FDIC at 1-877-894-4710 or the The Citizens Savings Bank Call Center for former Ameribank, Inc. customers at 1-888-275-5566 extension 222, or 740-633-0445 extension 222.
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7.  How do I claim my account(s)?
Your account(s) already has been transferred to The Citizens Savings Bank, and your account(s) will be handled as usual.  Any withdrawal, renewal or additional deposits will “claim” your account.  Please be advised that if there is no activity in your account in the next 18 months, that money will be turned over to your state as unclaimed property.  Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed property.
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8.  How does this action affect me?
All deposits (both insured and uninsured) in the Ohio branches of Ameribank, Inc. have been transferred to The Citizens Savings Bank, and it will be business as usual.  If you held an account at an Ameribank, Inc. branch in Ohio, you now have an account at The Citizens Savings Bank that is available to you at your former Ameribank, Inc. Ohio branches during regular business hours.

If you had a loan with Ameribank, Inc., please continue to make your payments to the same address as you have in the past until you are instructed otherwise.  Continue to make your checks payable to Ameribank, Inc.

The former Ameribank, Inc. locations will reopen for normal business hours on Saturday, September 20, 2008.  You will have continued access to your money through your ATM/debit card and by writing checks.

Can Ameribank, Inc. customers use The Citizens Savings Bank branches?
No, not at this time.  During the transition of Ameribank, Inc. Ohio records to The Citizens Savings Bank systems, Ameribank, Inc. customers should continue to conduct their banking business at former Ameribank, Inc. branches.  You will be notified when you can use The Citizens Savings Bank branches.

Similarly, existing customers of The Citizens Savings Bank cannot use former Ameribank, Inc. branches and should continue to conduct their business at The Citizens Savings Bank branches.

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9.  I already have other deposit accounts with The Citizens Savings Bank.  When combined with balances at Ameribank, Inc., my deposits exceed $100,000.  Are all of my funds from both banks insured?
When two or more insured banks merge, the deposits from the assumed bank continue to be insured separately for at least six months after the merger.  This grace period gives depositors the opportunity to restructure their accounts, if necessary.

CDs from the assumed bank are separately insured until the earliest maturity date after the end of the six-month grace period.  CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.  If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.

For additional information, please visit:
Are My Deposits Insured? (www.fdic.gov/deposit/deposits/index.html)
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10.  What will happen to my direct deposits?
Your direct deposits, including Social Security checks, will continue as normal.   If you need to change anything in the future, please contact your branch to make those arrangements.  It will be business as usual Saturday September 20, 2008.
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11.  Will I incur an early withdrawal penalty if I close my CD before maturity?
You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with The Citizens Savings Bank by either making a deposit to or a withdrawal from your account, provided the deposits are not pledged as collateral for loans.
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12.  How will I get my final account statement(s) from Ameribank, Inc.?
You will continue to receive your statement(s) by the same method and at the same time you have received them in the past.
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13.   Will I continue to earn interest at the same rate?
All interest accrued through Friday September 19, 2008, will be paid at the same rate.  The Citizens Savings Bank will be reviewing rates and will provide further information soon.
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14.  Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear.
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15.  Will my Internet connection to Ameribank, Inc. still work?
The bank’s web-page and web-banking services will be down Friday evening.  The web-page and web-banking services will resume normal services Saturday morning.
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16.   What if I have an Individual Retirement Account (IRA)?  Will my savings still be insured?
Yes, all deposits, including IRAs have been transferred in their entirety to The Citizens Savings Bank.  IRA funds are insured separately from other types of accounts up to $250,000.
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17.  What will happen to the checks which have not cleared my account?
Checks drawn on Ameribank, Inc. that did not clear before September 19, 2008, will be honored up to your available balance.
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18.   What if I need information regarding my account during the time Ameribank, Inc. was in business?
Please visit your former Ameribank, Inc. branch for a copy of any records you may need.  All deposit account histories and records are in the process of being transferred to The Citizens Savings Bank.
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19.  Who will send my 1098 and/or 1099 information after the end of the year?
The Citizens Savings Bank will be responsible for mailing your 1099 tax information.  Your 1098 reporting will be done by the FDIC or the servicer of your loan.  You will be notified of any changes in ownership or servicing of your loan.
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20.  Can funds be wired to me?
Please visit your former Ameribank, Inc. branch for information regarding your wire request.  The bank will be open for their regular hours beginning Saturday, September 20, 2008.
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LOAN QUESTIONS
21.   Will my automatic transaction payment still occur on its assigned date?
You should experience no disruption in this service.  We encourage you to check your bank account the day after your scheduled draft to verify the transaction.  If the transaction did not occur, please notify your loan officer and we will research your loan.
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22.   Will construction draws continue?  Will my project be completed?
Each loan is being reviewed independently, and you should direct your questions to your loan officer.  These will be determined on a case-by-case basis.
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23.   Will my subcontractors be paid as before?
Each loan is being reviewed independently and will be determined on a case-by-case basis.  You should direct your questions to your loan officer.
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24.   Will you continue to pay my escrows?
All services previously performed related to your loan will continue.  Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.
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25.   Are there any changes to fees or charges due to this event?
No.  The current fee structure will remain the same.
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26.   Who is my lender and has my loan contact changed?
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past.  All prior contacts remain the same.
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27.   Will my loan be sold?
Your loan may be sold at a future undetermined date.  If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
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28.   Can I continue to draw on my Home Equity Line of Credit (HELOC)?
No you cannot.  All HELOCs remained with the FDIC as receiver of Ameribank, Inc. and they have been suspended.  You are encouraged to move your borrowing needs to another financial institution.  You may want to contact The Citizens Savings Bank at 1-888-275-5566 extension 111, or 740-633-0445 extension 111 to discuss the various loan products they offer and explore the possibility of establishing a borrowing relationship with them.
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29.   I have a loan currently in process.  How is my loan impacted?
Please contact your loan officer directly.
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30.   Will my loan sweep be discontinued?
This will be determined on a case-by-case basis.  Please contact your loan officer.
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31.   Will the overdraft arrangement tied to my savings account continue to stay in place?
These lines have been transferred to The Citizens Savings Bank.  Please contact your new bank if you have additional questions regarding your accounts.
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32.   How and where do I make my payments?  Can I still pay by phone or at the branch?
You should continue to make your payments exactly as you have in the past.  Make checks payable to Ameribank, Inc. and utilize the same payment address information.

You may continue to make your payments at the branch or by phone via check or credit card.

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33.   If I refinance with another lender, will my pre-payment penalty be waived?
Those will be determined on a case-by-case basis.
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34.   What will happen to my SBA loan application in process?
The FDIC as Receiver for Ameribank, Inc. will not be originating any new loans.

If your loan has been approved by the SBA, but is not yet funded, please contact your loan officer. They will direct you to the proper SBA contact to help you locate another approved lender.

If your loan is in process, but is not yet approved by the SBA, we will release your SBA package on file with us to you, and you will need to apply with another SBA-approved lender. Please contact your loan officer to make arrangements to retrieve your application from the bank.

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35.   What will happen to my loan?
Each loan is currently being reviewed independently to determine the best action for that individual loan.  If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
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GENERAL QUESTIONS
36.  Why do all deposits, insured or not, pass in some transactions but not in others?
All deposit accounts for Ameribank, Inc. customers in the Ohio branches, regardless of insured status, have been transferred to The Citizens Savings Bank.

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution.  The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction.  The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium.  The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.

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37.  Where can I find out more about Federal Deposit Insurance rules?
You may access the FDIC website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):

Deposit Insurance (www.fdic.gov/deposit/index.html)
Are my deposits insured? (www.fdic.gov/deposit/deposits/index.html)
EDIE (to calculate your insurance coverage) (www.fdic.gov/edie/)

You may also order Your Insured Deposits or any other FDIC publication through the following:

3501 North Fairfax Drive
Room E-1002
Arlington, VA 22226

703-562-2200 Phone
703-562-2296 Fax
publicinfo@fdic.gov
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38.   I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:

Washington, DC
David Barr
202-898-6992
dbarr@fdic.gov
Andrew Gray
202-898-7192
202-494-1049
angray@fdic.gov
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39.  Is The Citizens Savings Bank insured by the FDIC?
Yes, your deposit at The Citizens Savings Bank is insured by the FDIC, and each depositor is insured to at least $100,000, as established by law.
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40.  How can I claim the contents of my safe deposit box?
It is business as usual.  You may go to your former Ameribank, Inc. branch and access your safe deposit box during normal business hours.
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41.   I am a shareholder of Ameribank, Inc.  What happens to my shares?
Shareholders have a claim against the receivership; however, they have the lowest priority of claim.  You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes.
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42.  I did some work for Ameribank, Inc. and have not yet been paid.  What should I do?
Please mail a statement to:

FDIC as Receiver for Ameribank, Inc.
1601 Bryan Street
Dallas, TX 75201
Attn: Claims Department

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43.  What happened, why did the bank fail?
Ameribank, Inc., Northfork, WV was closed Friday, September 19, 2008, by the Office of Thrift Supervision (OTS).  Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver.  According to regulatory policy, there is no advance notice given to the public.  Please see the OTS press release for more information.

The good news is that no one lost any deposits as a result of the closure of Ameribank, Inc.  To protect depositors, the FDIC Board of Directors approved the assumption of Ameribank, Inc.’s Ohio deposits by The Citizens Savings Bank, headquartered in Martins Ferry, OH.
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44.  How can I apply to work for FDIC as a contractor or employee?
For contracting opportunities with the FDIC, you may call 1-866-308-4470 for more information.  You may also email ProcurementOpportunities@fdic.gov.  Please include a statement of your corporate capabilities, contact information and MWOB status, if any.

You must also register in the Central Contractor Registration database at www.ccr.gov.

To review positions currently available at the FDIC, visit Careers at FDIC (www.fdic.gov/about/jobs/index.html).

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Last Updated 08/16/2012 Customer Service