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September 28, 2007
Another One Bites the Dust - Bank Fails in Georgia
FDIC announced that NetBank, an Internet bank with no retail locations, headquartered in Alpharetta, Georgia, was closed today by the Office of Thrift Supervision (OTS). As of June 30, 2007, NetBank had $2.5 billion in total assets and $2.3 billion in total deposits.
Insured deposits of NetBank were assumed by ING Bank, fsb, Wilmington, Delaware. NetBank had $744 million in brokered deposits that were not assumed by ING, but will be paid directly by FDIC up to the insured amount. FDIC estimates the loss to the Federal Deposit Insurance fund at $110 Million.
This is the second bank to fail in 2007.
In addition to a press release, FDIC has posted information about how NetBank customers will be affected by the closing.
LInk: http://www.fdic.gov/bank/individual/failed/NetBank.html#Press%20Release
(ag) Sept. 28, 2007, in FDIC
September 28, 2007 in Federal Banking Agencies - FDIC | Permalink
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