Ameribank 12th Bank Failure in 2008

The Office of Thrift Supervision announced late Friday the closing of Ameribank Inc. of Northfork, W. Va., the 12th bank or thrift closing this year.

Ameribank had been assigned an E- (Very Weak) financial strength rating by TheStreet.com Ratings in June after a downgrade to E from D+ (Weak) in December 2007.

The thrift was considered significantly undercapitalized as of June 30, 2008, with a leverage ratio of 2.14% and a risk-based capital ratio of just 4.19%. These ratios need to be at least 5% and 10% for a bank or thrift to be considered well-capitalized under regulatory guidelines. ...