FDIC Insurance Claims - Recover Deposits at banks taken over by the FDIC

	September 19, 2008: Ameribank, Inc., Northfork,WV, was closed by the Office of Thrift Supervision (OTS). The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of June 30, 2008, Ameribank had assets of $115 million and total deposits of $102 million. The FDIC entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and The Citizens Savings Bank, Martins Ferry, Ohio, to take over all of the deposits and $23 million in certain assets of Ameribank. The FDIC will retain the remaining assets for later disposition. Ameribank had five branches located in West Virginia and three branches located in Ohio. Pioneer Community Bank, Inc. will pay a premium of 2 percent for all deposits of the West Virginia branches. The Citizens Savings Bank will pay a premium of 1.14 percent for all deposits of the Ohio branches. All depositors, including those with deposits in excess of the FDIC's insurance limits, automatically became depositors of the assuming institution where the customer opened the account for the full amount of their deposits. Transferred deposits will be separately insured from any accounts you may already have at Citizens Savings Bank or Pioneer Community Bank for six months after the failure. All deposit accounts in Ohio branches have been transferred to The Citizens Savings Bank. Former Ameribank offices in Ohio reopened as branches of Citizens Savings. The Citizens Savings Bank 201 S. 4th at Hickory Martins Ferry, Ohio 43935 (888) 275-5566 http://www.thecitizensbank.com All deposit accounts in West Virginia branches were transferred to Pioneer Community Bank. Former Ameribank offices in West Virginia reopened as branches of Pioneer.. Pioneer Community Bank Center Street Iaeger, WV 24844 (304) 304) 938-5322 http://www.pioneercommunitybank.com The cost of these transactions to the Deposit Insurance Fund is estimated to be $42 million. For additional information and assistance contact the FDIC at: 877-894-4710 or go to: http://www.fdic.gov/bank/individual/failed/ameribank.html
2008 FDIC Insured Failed Banks




Ameribank, Inc. 70 Mcdowell Street Welch, WV 24801 http://www.ameribank.com
Established in 1906 as The First Clark National Bank Of Northfork


Assets: $115 Million Deposits: $102 million


Cost to FDIC: $42 million

Transferred deposits: Deposits are separately insured from any accounts you may already have at The Citizens Savings Bank and/or Pioneer Community Bank, Inc. for six months after the failure of Ameribank.

Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with either Citizens Savings Bank or Pioneer Community Bank, as long as deposits are not pledged as collateral for loans.

Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balance as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept a check, contact your branch office.

Services: ATMs will remain available and online services resumed Saturday, September 20, 2008.You may continue to use other services to which you previously had access, such as, safe deposit boxes, night deposit boxes, wire services, etc, as normally available at each branch.

Interest: All interest accrued through Friday September 19, 2008, will be paid at your same rate. The Citizens Savings Bank and Pioneer Community Bank, Inc. will be reviewing rates and will provide further information.

Automatic Direct Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to your new bank. Contact a representative of your assuming institution at your branch office.

Loans: If you had a loan with Ameribank you should continue to make your payments as usual. The terms of your loan will not change. Checks should be made payable as usual and sent to the same address until you notice.

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. In accordance with federal law, allowed claims will be paid, after administrative expenses, in the following order of priority: depositors, general unsecured creditors, subordinated debt holders and stockholders.

If you provided a service for Ameribank and have not received a notice contact:

Federal Deposit Insurance Corporation
Receiver: Ameribank, Inc.
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
800-568-9161

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search

History: Established in 1906 as The First Clark National Bank Of Northfork

1991 Changed name to Ameribank, National Association
1991 Acquired The Bank Of War (WV)

1991 Acquired Ameribank, Welch, West Virginia, Inc.

1993 Changed name to Ameribank, Inc.
1999 Acquired The First National Bank Of Keystone as part of a government assisted transaction.
2005 Acquired Steel Valley Bank, National Association.
2008 Merged with government financial assistance and subsequently operated as part of Pioneer Community Bank, Inc. in Iaeger, West Virginia.