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Failed Bank Information
Information for Ameribank, Inc., Northfork, WV
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institutions
  4. Question and Answer Guide
  5. Ohio Branches
    West Virginia Branches
  6. Banking Services
  7. Loan Customers
  8. Possible Claims Against the Failed Institution
  9. Priority of Claims
  10. Dividend Information
  11. Brokered Deposits
  12. Purchase and Assumption Agreement-Citizens Savings Bank (185 KB PDF File - PDF Help)
    Purchase and Assumption Agreement-Pioneer Community Bank (4.9 KB PDF File - PDF Help)
  13. Ameribank Contact Information
  14. Balance Sheet Summary
I.  Introduction
On September 19, 2008, Ameribank, Inc., Northfork, WV was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should answer many of your questions.

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II.  Press Release
The FDIC has issued a press release (PR-82-2008) about the institution's closure.  If you represent a media outlet and would like information about the closure, please contact David Barr at 202-898-6992 or Andrew Gray at 202-898-7192 or 202-494-1049.
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III.  Acquiring Financial Institutions
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 on Saturday as branches of The Citizens Savings Bank at the former Ameribank, Inc. branch locations.

All deposit accounts in West Virginia branches have been transferred to Pioneer Community Bank, Inc., based in Iaeger, WV.  All former Ameribank, Inc. offices in West Virginia will reopen for normal business hours on Monday as branches of Pioneer Community Bank, Inc. at the former Ameribank, Inc. branch locations.

Your transferred deposits will be separately insured from any accounts you may already have at The Citizens Savings Bank and Pioneer Community Bank, Inc. for six months after the failure of Ameribank, Inc. Checks that were drawn on Ameribank, Inc. that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.  You may speak to an FDIC representative regarding this transaction by calling the FDIC Call Center.  EDIE the FDIC's Electronic Deposit Insurance Estimator can calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts. EDIE lets you know in a printable report for each bank whether your deposits are within or exceed coverage limits.

FDIC Call Center
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.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with either The Citizens Savings Bank or Pioneer Community Bank, Inc. as long as the deposits are not pledged as collateral for loans. You may view more information about the acquiring institutions by visiting their web sites.

In Ohio
The Citizens Savings Bank (www.thecitizensbank.com)
In West Virginia
Pioneer Community Bank, Inc. (www.pioneercommunitybank.com)
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V.  Banking Services
The Automated Teller Machines (ATM) will remain available and online services will resume Saturday morning September 20, 2008.

You may continue to use the services to which you previously had access, such as, safe deposit boxes, night deposit boxes, wire services, etc, as normally available at each branch.

Your checks will be processed as usual.  All outstanding checks will be paid against your available balance(s) as if no change had occurred.  Your new bank will contact you soon regarding any changes in the terms of your account.  If you have a problem with a merchant refusing to accept your check, please contact your branch office.  An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday September 19, 2008, will be paid at your same rate.  The Citizens Savings Bank and Pioneer Community Bank, Inc. will be reviewing rates and will provide further information soon.  You will be notified of any changes.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank.  If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.

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VI.  Loan Customers
If you had a loan with Ameribank, Inc., you should continue to make your payments as usual.  The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution.  Checks should be made payable as usual and sent to the same address until further notice.

For all questions regarding new loans and the lending policies of The Citizens Savings Bank and Pioneer Community Bank, Inc., please contact your branch office.

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VII.  Possible Claims Against the Failed Institution
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure.  Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.

Please note: there are time limits for filing a claim, as specified in the notice.

If you provided a service for Ameribank, Inc., and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Ameribank, Inc.
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201

Call toll free 1-800-568-9161

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VIII.  Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders
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IX.  Dividend Information
Dividend History on Ameribank, Inc.

Dividend Information on Failed Financial Institutions
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X.  Brokered Deposits
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.  This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.

Deposit Broker Processing Guide

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General Disclaimer

Last Updated 08/16/2012 cservicefdicdal@fdic.gov