Porter Keadle Moore Llp
Porter Keadle Moore Llp

Porter Keadle Moore Llp

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NetBank, formerly named Atlanta Internet Bank and Net.B@nk, was a direct bank.

Netbank suffered from bank failure and was closed by regulators on September 28, 2007. It deposits were acquired by ING Group and the Netbank.com domain name was acquired by Axos Financial.

The company was founded in February 1996 as Atlanta Internet Bank, one of the first direct banks in the United States. Using a business model typical of direct banks, NetBank paid higher than average interest rates in exchange for not having physical bank branches.

On July 29, 1997, NetBank Inc, completed its initial public offering, raising $42 million.

In 1998, the company changed its name to Net.B@nk.

In 1999, during the dot-com bubble, NetBank's stock price per share ranged from $3.50 to $83.

In March 2001, the bank acquired deposit accounts from CompuBank.

In July 2001, the bank acquired Market Street Mortgage.

In 2002, the bank acquired Resource Bancshares Mortgage Group.

Douglas K. Freeman was appointed CEO of the company as of March 31, 2002 and was appointed chairman as of January 29, 2003.

In November 2003, NetBank began offering vehicle insurance through sister company NetInsurance and began offering direct consumer auto loans through Florida auto dealerships.

In December 2003, NetBank acquired Financial Technologies Inc., a provider of ATMs and retail transaction processing services.