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Old 09-20-2008, 07:03 AM   #1
Baggywrinkle
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Default Fact: Friday Bank Failure; Ameribank

. 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 (dbarr@fdic.gov) at 703-622-4790 or Andrew Gray (angray@fdic.gov) 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
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.

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)
Back to top

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.
Back to top
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.
Back to top

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

Or:
Call toll free 1-800-568-9161
Back to top

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
No dividends have been declared at this time.

Dividend Information on Failed Financial Institutions
Back to top

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.
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Old 09-20-2008, 07:47 AM   #2
ladyluck
Avalon Senior Member
 
Join Date: Sep 2008
Posts: 31
Default Re: Fact: Friday Bank Failure; Ameribank

....So this is how the banks across america will close... silently, with as little publicity as possible until the done deed!

That is cruel!

Aletha
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Old 09-20-2008, 08:52 AM   #3
Steve_A
Project Avalon Moderator
 
Join Date: Sep 2008
Location: Northeastern Brazil
Posts: 1,259
Default Re: Fact: Friday Bank Failure; Ameribank

Another one bites the dust....


Quote:
Originally Posted by Baggywrinkle View Post
. 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.
Back to top
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 (dbarr@fdic.gov) at 703-622-4790 or Andrew Gray (angray@fdic.gov) at 202-898-7192 or 202-494-1049.
Back to top

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
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.

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)
Back to top

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.
Back to top
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.
Back to top

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

Or:
Call toll free 1-800-568-9161
Back to top

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

Back to top
IX. Dividend Information
No dividends have been declared at this time.

Dividend Information on Failed Financial Institutions
Back to top

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.
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Old 09-20-2008, 08:54 AM   #4
Steve_A
Project Avalon Moderator
 
Join Date: Sep 2008
Location: Northeastern Brazil
Posts: 1,259
Default Re: Fact: Friday Bank Failure; Ameribank

Hi ladyluck,

I'm sure you're right. Keep everythnig as quiet as possible until after the elections.

Best regards,

Steve




Quote:
Originally Posted by ladyluck View Post
....So this is how the banks across america will close... silently, with as little publicity as possible until the done deed!

That is cruel!

Aletha
Steve_A is offline   Reply With Quote
Old 09-20-2008, 11:18 AM   #5
lucrum
Avalon Senior Member
 
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Join Date: Sep 2008
Location: Norway
Posts: 209
Default Re: Fact: Friday Bank Failure; Ameribank

This has gone silently past norwegian news networks as well...but a visit to Ameribank's website shows the same deal:
http://www.ameribank.com/
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