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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