U.S. regulators close W. Va bank; 12th to fail

[bronxiteforever]

Source: Reuters

Fri Sep 19, 2008 7:39pm EDT

WASHINGTON (Reuters) - Regulators closed on Friday Ameribank Inc, which became the 12th bank failure this year as the struggling economy and falling home prices take their toll on financial institutions.

The Federal Deposit Insurance Corp said the Northfork, West Virginia-based bank had $115 million in assets and $102 million in deposits as of June 30. The failure is expected to cost the U.S. bank deposit insurance fund about $42 million.

Pioneer Community Bank Inc in Iaeger, West Virginia, and The Citizens Savings Bank in Martins Ferry, Ohio, entered into agreements to assume all the deposits and certain assets of Ameribank, which was closed by the Office of Thrift Supervision.

Read more: http://www.reuters.com/article/governmentFilingsNews/idUSN1939567120080919

[Doctor Cynic]

1. Only one this week...you'd think there would be more given what's happened lately.

[ozymandius]

2. This has me wondering as an American taxpayer.

How many failed organizations do I now partially own?

[bronxiteforever]

3. Every America owns a deck chair on the Titanic!This bank closure is a friday nite news dump too

[catzies]

4. The last 12 out of 13 Fridays. Last week we waited for news on Lehman instead.

n/t

[thatgemguy]

5. Yikes!!!

That's my bank!!! Any idea what happens next? I have a checking account there and money there. Will outstanding checks be honored? Should I go and try to get my money?? I'm disabled and can't afford not to be able to have access to cash...

[Doctor Cynic]

7. You should be okay.

Your assets have all been taken by other banks, and the FDIC will ensure you have every dime.

You're lucky this is BEFORE WaMu fails and not after.

[inanna]

6. K & R n/t

[sarcasmo]

8. Is it best to keep what little money we have in Bank of America since they were the big buyers

earlier this week, or is it smarter to keep it in the Credit Union.