AmTrust Bank was a
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
based in
Cleveland, Ohio
Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U.S. ...
. The company was founded in 1889 and was closed in December 2009.
History
The bank was founded in 1889 as Ohio Savings, Loan & Building Co.
In 1963, Leo Goldberg acquired control of the company.
[
In 1975, the bank acquired Citizens Federal Savings & Loan of Akron.][ In 1978, the bank acquired Shaker Savings.] In 1989, the bank acquired Palm Plaza Savings Association, based in Boca Raton, Florida
Boca Raton ( ; es, Boca Ratón, link=no, ) is a city in Palm Beach County, Florida, United States. It was first incorporated on August 2, 1924, as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The population was 97,422 in the ...
.
In 2000, the bank opened its first branches in Phoenix, Arizona
Phoenix ( ; nv, Hoozdo; es, Fénix or , yuf-x-wal, Banyà:nyuwá) is the List of capitals in the United States, capital and List of cities and towns in Arizona#List of cities and towns, most populous city of the U.S. state of Arizona, with 1 ...
. In 2007, the bank changed its name to Amtrust Bank. In January 2009, the bank sold its 5 branches in Columbus, Ohio
Columbus () is the state capital and the most populous city in the U.S. state of Ohio. With a 2020 census population of 905,748, it is the 14th-most populous city in the U.S., the second-most populous city in the Midwest, after Chicago, and t ...
to WesBanco.
On December 4, 2009, as a result of bank failure
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets ...
, the bank was shut down by the Office of Thrift Supervision
The Office of Thrift Supervision (OTS) was a List of federal agencies in the United States, United States federal agency under the United States Department of the Treasury, Department of the Treasury that chartered, supervised, and regulated all ...
. It was placed into receivership
In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in ca ...
and the Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...
was named receiver. The assets of the bank were sold to New York Community Bank
New York Community Bancorp, Inc. (NYCB) is a bank headquartered in Westbury, New York with 225 branches in New York, New Jersey, Ohio, Florida and Arizona. NYCB is on the list of largest banks in the United States.
Almost all of the loans ori ...
. NYCB changed the name of the acquired branches back to Ohio Savings Bank.
References
{{DEFAULTSORT:Amtrust Bank
Bank failures in the United States
Banks established in 1889
Banks disestablished in 2009
Defunct banks of the United States
Defunct companies based in Cleveland
1889 establishments in Ohio
2009 disestablishments in Ohio