Ameritrust Bank History and Mergers Explained

Ameritrust Bank has a rich history that spans over a century. Founded in 1903, the bank started as a small savings bank in Cleveland, Ohio.

The bank's early success was largely due to its innovative approach to banking, which included offering low-interest loans to working-class citizens. This approach helped establish the bank's reputation as a community-focused institution.

Ameritrust Bank's growth was steady throughout the 20th century, with the bank expanding its operations to multiple locations in Ohio. By the 1980s, the bank had become one of the largest banks in the state.

In the 1990s, Ameritrust Bank began to undergo significant changes, including a major merger with another bank.

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Society Corp. acquired Ameritrust Corp. on March 16, making Ameritrust a separate subsidiary.

The combined bank, Society National Bank of Cleveland, is the largest in Ohio, with $17.5 billion in assets.

Decision-making autonomy is distributed among 14 districts in the merged bank.

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The merger of Society Bank Indiana and three Ameritrust affiliates in that state is scheduled for the fall, creating a new entity called Society National Bank Indiana.

Society National Bank Indiana will have 97 branches and $3.4 billion in assets after the merger.

The merged bank in Ohio has $12.9 billion in deposits.

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Ameritrust Mortgage offers a variety of bank statement loan programs to suit different needs.

Their Bank Statement Loan programs allow self-employed borrowers to qualify for a mortgage without traditional tax documentation.

The programs require 12 to 24 months of personal or business bank statements, with some programs using a flat 50% expense factor or providing an expense factor letter.

You can qualify for up to 90% Loan to Value (LTV) with some programs, and the maximum loan amount is up to $7M.

Here are the details of the Bank Statement Loan programs:

These programs offer flexible solutions for self-employed borrowers, allowing them to qualify for a mortgage based on their bank statements.