Ameribank, Inc., Northfork, WV

Ameribank, Inc., Northfork, WV today became the twelfth bank to be taken over by the FDIC. You can read the FDIC release at the official web page here.

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.

The FDIC said customers’ access to their money over the weekend will not be interrupted.

The OTS said Ameribank suffered from excessive growth in construction rehabilitation loans, which provided financing to fix distressed properties, mainly in low- to moderate-income housing markets.

Ameribank has three branches located in West Virginia which will reopen on Monday and two and branches located in Ohio which will reopen on Saturday.

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