Monday, September 22, 2008

West Virginia-Based Bank Fails

On Friday, federal regulators closed Ameribank, a very small Northfork, West Virginia-based bank.  Two other banks in the region have assumed all of Ameribank’s assets, meaning it appears that all bank deposits (including those over $100,000, which usually aren’t covered by the FDIC) will be honored.

I’m glad depositors will get all their money, but hopefully they’ve learned a life lesson as well: don’t keep your money in a bank with seven branches (I checked the Ameribank web site).

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