AmTrust Bank

AmTrust Bank was a regional United States bank based in Cleveland, Ohio, that closed down in 2009. The bank was founded as a savings and loan association in 1889 and expanded through acquisitions and grew to over $17 billion in assets, and by 2007 was one of the 20 largest mortgage lenders in the United States. The bank provided retail banking, mortgage and construction lending, investment and insurance services and indirect auto lending.

On December 4, 2009, the U.S. Office of Thrift Supervision closed down the bank, and all deposit accounts were transferred to New York Community Bank.[1]

In April 2010, the New York Community Bank revived the original bank name for the Cleveland operations and it began operating again as the Ohio Savings Bank, a division of New York Community Bank.[2]

History

Founded in Cleveland, Ohio, in 1987 as Ohio Savings Bank.

Ohio Savings Bank years

Ohio Savings Bank ended its first year with one branch office and $20,000 in assets.

In 1989, Ohio Savings Bank purchased Palm Plaza Savings Bank in Boca Raton, Florida. This purchase resulted in the establishment of the AmTrust Bank division. Expansion in Ohio and Florida peaked with branches in the Cleveland, Akron and Columbus, Ohio, markets, as well as branches located throughout southeastern Florida. Expansion into yet another market continued in 2000, when the first AmTrust Bank branch in the Phoenix, Arizona, area opened.

AmTrust period and subsequent failure

In April 2007, Ohio Savings Bank was renamed as AmTrust Bank, to represent its national presence.[3]

On December 4, 2009, the FDIC closed Amtrust Bank. Its assets were transferred to New York Community Bank of Westbury, NY. NYCB has announced that they intended to restore the Ohio Savings bank name for the former Amtrust Bank's Ohio operations.

References

  1. ↑ "Federal Regulators Close AmTrust Bank In Cleveland". Nasdaq.com. Retrieved September 7, 2010.
  2. ↑ "Ohio Savings encore". Akron Beacon Journal. April 2, 2010. Retrieved April 7, 2010.
  3. ↑ "Retrieved 25 April 2007". Amtrust.com. Retrieved September 7, 2010.
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