Closed Friday, September 19, 2008 · Northfork, Mcdowell County, West Virginia
Ameribank
No bank in West Virginia had failed for nine years, since The First National Bank of Keystone closed in 1999. Ameribank's founding in 1906 put it past its 100th year when it closed. In the three years to the first quarter of 2007, its assets grew 112%.
On the books, 2000 to 2008
Total assets peaked at $168 million and were 38% lower at the final report. Equity capital went from 6.8% of assets in the third quarter of 2000 to 2.6% at the last report. By then 41% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final nine reporting years. The deepest annual loss, $10.1 million, was booked in 2007.* 2008: January to June only, the last report before closing.
Size against the other 2008 failures
Total assets of each 2008 failure, log scale; Ameribank in red.
By assets it ranked 20th of the 25 failures in 2008. Of the 15 failed banks on record in West Virginia since 1934, it ranks third by size. Across the failures of 2008, the median estimated loss came to 37% of assets. In the size ranking of that year, just above it was Main Street Bank of Northville, Michigan ($112 million, loss 50% of assets); just below, First Integrity Bank, NA of Staples, Minnesota ($52.9 million, loss 19% of assets). Every 2008 failure in the explorer.
Failures in West Virginia
The next was The First State Bank of Barboursville, on April 3, 2020. Mcdowell County has 2 failed banks on FDIC record since 1934. The other: The First National Bank of Keystone (1999).