NetBank Takes Over CompuBank Accounts

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NetBank, an online full-service bank, has acquired all of the deposit accounts from its competitor, Houston-based CompuBank.


NetBank, Alpharetta, GA, said the acquisition would add 50,000 accounts to its 170,000 current accounts.


CompuBank laid off roughly a third of its 200 workers last week and said most of the remaining employees would work short-term on transferring customer accounts to NetBank. The bank would not disclose its closing plans.


NetBank expects the account conversions to be completed in the second quarter.


Four-year-old NetBank's assets at the end of 2000 totaled $2 billion. CompuBank would not provide the value of its assets.


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