Regulators close NetBank

Bank News, November, 2007 by Anonymous

Insured deposits of NetBank, Alpharetta, Ga., have been assumed by ING Bank, fsb, Wilmington, Del. NetBank, with $2.5 billion in total assets and $2.3 billion in total deposits as ofjune 30 was dosed Sept. 28 by the Office of Thrift Supervision and the FDIC was named receiver.

The failed bank was an Internet bank and did not have any physical branches. Depositors of NetBank will automatically become depositors of ING Bank.

The FDIC said that checks drawn on the bank that did not dear before Sept. 28 will be honored up to the insured limit. Starting on Oct. 1, customers have full access to their insured deposits via the Internet and for the foreseeable future should continue to utilize NetBank's current website to transact banking business.

ING Bank has agreed to...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.