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NetBank

NetBank, formerly named Atlanta Internet Bank (1996) and Net.B@nk (1998), was an American direct bank that operated between 1996 and 2007. Netbank suffered from bank failure and was closed by regulators on September 28, 2007.

Its 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.

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