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SAN FRANCISCO (MarketWatch) -- Northfork, West Virginia-based Ameribank Inc. has
been closed, the Federal Deposit Insurance Corporation said late Friday, marking
the 12th bank closure so far this year. Deposits at Ameribank's Ohio branches
have been transferred to The Citizens Savings Bank, while Ameribank's Ohio
branches will reopen Saturday as Citizens Bank branches, the FDIC said.
Ameribank's West Virginia deposits have been transferred to Pioneer Community
Bank, and Ameribank's West Virginia branches will reopen as Pioneer branches.
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Bones, if anything it may help cement the whole resolution trust thing. Even a
small branch can stoke the fire...forgive the double entendre, pun angle.
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This was such a small bank, only $102 million in deposits, that it shouldn't
have any larger ramifications. But this market is so jittery that some might
think it signals something more. If the media don't give it a lot of attention,
it may not be a problem.
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