Netbank implosion - a failure of internet banking?

Written by Toni DasGupta on September 29th, 2007 | Posted in Startup

Netbank implosion - a failure of internet banking?

In an industry that has resisted virtualizing, NetBank brings the latest piece of bad news. The trail blazing internet-only savings and loan bank is being taken over by federal regulators, in what is being called the biggest bank failure in 14 years.

Started in the peak of the last boom, the bank saw its ups and downs as it debuted on Nasdaq and hit a high of $57 in 1999, only to get delisted in August of this year. The failure seems to have more to do with Netbank writing bad loans, rather than, necessarily, with consumers lack of trust of online banks.

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