AmTrust Bank
Encyclopedia
Founded in Cleveland, Ohio
, in 1889 as Ohio Savings Bank, AmTrust Bank has grown from a local savings and loan to having a national presence in 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
. In April 2010, the bank began operating as Ohio Savings Bank, a division of New York Community Bank.
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. Today, in addition to the AmTrust branches in the Cleveland, Akron
and Columbus, Ohio
, markets, there are 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.
In April 2007, Ohio Savings Bank was renamed as AmTrust Bank, to represent its national presence.
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 intend to restore the Ohio Savings bank name for the former Amtrust Bank's Ohio operations.
AmTrust Bank has no affiliation with AmTrust North America a P&C insurance carrier, also based primarily in Cleveland, Ohio.
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, in 1889 as Ohio Savings Bank, AmTrust Bank has grown from a local savings and loan to having a national presence in 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
Office of Thrift Supervision
The Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
closed down the bank, and all deposit accounts were transferred to New York Community Bank
New York Community Bank
New York Community Bank is the savings bank subsidiary of the publicly traded company New York Community Bancorp. New York Community Bancorp is the fourth largest thrift in the United States and the largest in New York State...
. In April 2010, the bank began operating as Ohio Savings Bank, a division of New York Community Bank.
Ohio Savings Bank Years
Ohio Savings Bank ended its first year with one branch office and $20,000 in assets. Since then, it grew to over $17 billion in assets, and at one time was one of the 20 largest mortgage lenders in the United States.In 1989, Ohio Savings Bank purchased Palm Plaza Savings Bank in Boca Raton
Boca Raton, Florida
Boca Raton is a city in Palm Beach County, Florida, USA, incorporated in May 1925. In the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address of Boca Raton, about...
, Florida. This purchase resulted in the establishment of the AmTrust Bank division. Today, in addition to the AmTrust branches in the Cleveland, Akron
Akron, Ohio
Akron , is the fifth largest city in the U.S. state of Ohio and the county seat of Summit County. It is located in the Great Lakes region approximately south of Lake Erie along the Little Cuyahoga River. As of the 2010 census, the city had a population of 199,110. The Akron Metropolitan...
and Columbus, Ohio
Columbus, Ohio
Columbus is the capital of and the largest city in the U.S. state of Ohio. The broader metropolitan area encompasses several counties and is the third largest in Ohio behind those of Cleveland and Cincinnati. Columbus is the third largest city in the American Midwest, and the fifteenth largest city...
, markets, there are branches located throughout southeastern Florida. Expansion into yet another market continued in 2000, when the first AmTrust Bank branch in the Phoenix, Arizona
Phoenix, Arizona
Phoenix is the capital, and largest city, of the U.S. state of Arizona, as well as the sixth most populated city in the United States. Phoenix is home to 1,445,632 people according to the official 2010 U.S. Census Bureau data...
, area opened.
In April 2007, Ohio Savings Bank was renamed as AmTrust Bank, to represent its national presence.
On December 4, 2009, the FDIC closed Amtrust Bank. Its assets were transferred to New York Community Bank
New York Community Bank
New York Community Bank is the savings bank subsidiary of the publicly traded company New York Community Bancorp. New York Community Bancorp is the fourth largest thrift in the United States and the largest in New York State...
of Westbury, NY
Westbury, New York
Westbury incorporated in 1932 as a village in Nassau County, New York in the United States. The population was 15,146 at the 2010 census.The Village of Westbury is in the Town of North Hempstead....
. NYCB has announced that they intend to restore the Ohio Savings bank name for the former Amtrust Bank's Ohio operations.
AmTrust Bank has no affiliation with AmTrust North America a P&C insurance carrier, also based primarily in Cleveland, Ohio.