AmTrust Bank

AmTrust Bank was a bank based in Cleveland, Ohio. The company was founded in 1889 and was closed in December 2009.

Not to be confused with AmTrust Financial Services.
AmTrust Bank
IndustryBanking
Founded1889 (1889)
DefunctDecember 4, 2009 (2009-12-04)
FateBank failure; assets acquired by New York Community Bank
HeadquartersCleveland, Ohio

History

The bank was founded in 1889 as Ohio Savings, Loan & Building Co.[1]

In 1963, Leo Goldberg acquired control of the company.[1]

In 1975, the bank acquired Citizens Federal Savings & Loan of Akron.[1] In 1978, the bank acquired Shaker Savings.[1] In 1989, the bank acquired Palm Plaza Savings Association, based in Boca Raton, Florida.[2]

In 2000, the bank opened its first branches in Phoenix, Arizona.[1] In 2007, the bank changed its name to Amtrust Bank.[3] In January 2009, the bank sold its 5 branches in Columbus, Ohio to WesBanco.[4]

On December 4, 2009, as a result of bank failure, the bank was shut down by the Office of Thrift Supervision. It was placed into receivership and the Federal Deposit Insurance Corporation was named receiver. The assets of the bank were sold to New York Community Bank.[5][6] NYCB changed the name of the acquired Ohio branches back to Ohio Savings Bank.[7]

References
  1. Dixon Murray, Teresa (December 5, 2009). "A history of AmTrust Bank". Cleveland Plain Dealer.
  2. "Institution History for AMTRUST BANK, F.S.B. (52876)". Federal Financial Institutions Examination Council.
  3. Dixon Murray, Teresa (April 19, 2007). "Ohio Savings Bank changing its name to AmTrust". Cleveland Plain Dealer.
  4. Dixon Murray, Teresa (January 23, 2009). "AmTrust sells Columbus branches". Cleveland Plain Dealer.
  5. "FDIC Failed Bank Information: AmTrust Bank, Cleveland, OH". Federal Deposit Insurance Corporation.
  6. Dixon Murray, Teresa (December 4, 2009). "AmTrust Bank fails, bought by New York bank". Cleveland Plain Dealer.
  7. Kass, ARIELLE (January 8, 2010). "Ohio Savings name to return to AmTrust Bank branches in Ohio". Crain Communications.
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