US: Bank Closes in West Virginia

Closed by federal regulators.


The following article gives an idea of the stability of the banking system, currently in the U.S.

20 September 2008
by Jim Forbes

A federal savings bank headquartered in Northfork West Virginia is closed by federal regulators. Sally Cline who is the acting West Virginia Division of Banking Commissioner announced that even though Ameribank was headquartered in West Virginia, it was not a state chartered institution. The West Virginia Division of Banking did not have the authority to regulate the financial institute's actions.

Ameribank's former branches in Welch, Bradshaw, Lager, Northfork, and War, West Virginia will re-open as branches of Pioneer Community Bank on Monday.

It is estimated that there have been 13 bank closers, since the meltdown of the U.S. economy began.