The Office of Thrift Supervision closed Northfork, WV-based Ameribank, Inc. on September 19. Pioneer Community Bank in Iaeger, WV and The Citizens Savings Bank in Martins Ferry, OH took over all of Ameribank’s deposits and some of its assets under a purchase and assumption agreement with the Federal Deposit Insurance Corp. Pioneer reopened the failed bank’s five branches in West Virginia on September 22; Citizens reopened Ameribank’s three Ohio branches on September 20. At the end of the second quarter Ameribank had assets of $115 million and deposits of $105 million. The failure reduces the Deposit Insurance Fund by $42 million.
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The increasing adoption of virtual card payments by accounts payable departments has created an unexpected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables. The root of the problem is that most suppliers rely on a manual approach to processing e-mailed virtual card payments. Suppliers are forced to balance their organization’s need for operational efficiency and control with rising customer demand to pay with a virtual card. But a new breed of technology enables suppliers to process virtual card payments straight-through, addressing the needs of buyers and suppliers. This paper details the growth of electronic business-to-business (B2B) payments, shows how manual approaches to processing virtual card payments cause friction in accounts receivables, describes a way to process virtual card payments straight-through, and highlights the benefits of frictionless payments.