By John Letzing, MarketWatch
Last update: 8:19 p.m. EDT Sept. 19, 2008
SAN FRANCISCO (MarketWatch) -- A tumultuous week for financial markets was capped Friday with the closure of Northfork, W.Va.-based Ameribank Inc., the 12th U.S. bank closure so far this year.
The Federal Deposit Insurance Corporation said in a statement late in the day that deposits at Ameribank's Ohio branches have been transferred to the Citizens Savings Bank, and Ameribank's three Ohio branches will reopen Saturday as Citizens Savings Bank branches.
Ameribank's West Virginia deposits have been transferred to Pioneer Community Bank, and Ameribank's five West Virginia branches will reopen Monday as Pioneer branches, according to the FDIC.
As of June 30, Ameribank had $115 million in total assets and total deposits of $102 million, the regulator said.
The bank's closure marks the end of an extraordinary week that saw venerated Wall Street brokerage Lehman Brothers Holdings Inc. file for bankruptcy, while Merrill Lynch & Co. agreed to sell itself off to Bank of America Corp. In addition, the federal government swooped in to seize troubled insurance giant American International Group Inc., and regulators began forming a rescue plan to help sustain U.S. markets.
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