Ameribank
Who: Ameribank
What: 12th bank failure of 2008 (Sept. 19, 2008)
Where: Northfork, West Virginia
Why: Overextending loans for the rehabilitation of distressed properties.
Fast Facts: Pioneer Community Bank and The Citizens Savings Bank took over all of the deposits and certain aspects of Ameribank; as of June 30, 2008, Ameribank had $115 million in total assets and $102 million in total deposits; Ameribank is the first bank to be closed in West Virginia since September 1999; labeled a troubled institution by regulators in May 2007; the April-June quarter of 2008 was the fourth consecutive one of net losses and capital erosion for Ameribank.