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.
The FDIC has issued a press release
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.
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
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
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:
p.m. – 9:00 p.m.
Saturday, September 20,
8:00 a.m. – 5:00
Sunday, September 21,
8:00 a.m. – 5:00
8:00 a.m. – 6:00
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
the acquiring institutions by
visiting their web sites.
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.
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.
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
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.