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Failed Bank Information

Information for Ameribank, Inc., Northfork, WV

  1. Introduction
  2. Press Release
  3. Acquiring Financial Institutions
  4. Priority of Claims
  5. Dividend Information
  6. 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)
  7. Receivership Termination

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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. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.

The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership is deemed terminated.

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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
In West Virginia
Pioneer Community Bank, Inc.
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IV.  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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V.  Dividend Information

Dividend History on Ameribank, Inc.

Dividend Information on Failed Financial Institutions

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VII.  Receivership Termination

The FDIC as Receiver for Ameribank, Inc., Northfork, WV, has taken all actions necessary to terminate the Receivership Estate.

The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on April 16, 2015.

The Receiver has made all dividend distributions required by law.

Effective August 1, 2015, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.

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