Bank Failure
Netbank
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Closed September 28, 2007 · Alpharetta, GA · FDIC Cert #32575.
- Closing date
- September 28, 2007
- Headquarters
- Alpharetta, GA
- FDIC Certificate
- 32575
- Total assets at closing
- $2.47B
- Total deposits at closing
- $2.29B
- Estimated loss to the insurance fund
- $119.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- ING Bank, FSB
Context
On September 28, 2007, regulators closed Netbank, headquartered in Alpharetta, GA. At closing, the institution held approximately $2.47B in assets and $2.29B in deposits. The FDIC record names ING Bank, FSB as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $119.6M.
By assets at closing this is the 90th largest of the 3,526 bank failures in the FDIC record, and the 1st of 3 in 2007. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Netbank fail?
Netbank was closed by regulators on September 28, 2007.
Who acquired Netbank?
The FDIC record names ING Bank, FSB as the acquiring institution in the resolution of Netbank.
How big was Netbank when it failed?
Netbank had approximately $2.47B in total assets and $2.29B in deposits at the time of failure.
Other failures in 2007
| Date | Bank | Assets |
|---|---|---|
| Oct 4, 2007 | Miami Valley Bank | $125.4M |
| Feb 2, 2007 | Metropolitan Savings Bank | $15.8M |
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