NetBank was a financial company engaged primarily in retail banking, mortgage banking, business finance and providing ATM and merchant processing services. The Bank was one of the pioneers of the Internet banking industry, and recognized as one of the first internet-only banks.
Netbank was closed on September 28, 2007 by the Office of Thrift Supervision (OTS) in conjunction with the FDIC. FDIC insured deposits were acquired by another on-line bank ING Direct. Several shareholders have filed class action lawsuits against Netbank claiming misrepresentation of the company value during the restructuring period.
NetBank was a financial company engaged primarily in retail banking, mortgage banking, business finance and providing ATM and merchant processing services. The Bank was one of the pioneers of the Internet banking industry, and recognized as one of the first internet-only banks.