Ameribank

Who: Ameribank

What: 12^th 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.

View the press release