NetBank Takes Over CompuBank Accounts

Share this article:
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.


This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions