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NetBank

Operates online bank and mortgage companies.

Headquarters:
1015 Windward Ridge Parkway
Suite 100
Alpharetta, GA 30005
Employees: 400
CEO: Steven Herbert
Stock Symbol: NTBK

Website: http://netbank.com

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Founded in 1996, the NetBank, Inc. family of businesses provides a broad line of financial products and services to retail and commercial customers. It operates the online bank, NetBank, and ranks as a top 30 U.S. mortgage lender through various mortgage subsidiaries.

The company is organized around three primary areas of operation:
- Banking
- Financial Intermediary
- Transaction Processing

NetBank offers a broad line of banking, loan, investment and insurance products for personal and small business consumers. The bank operates without a branch network by doing business online and has the country's second largest bank-operated ATM network. At the end of 2006, NetBank reported 248,229 customers, down 20,000 from the previous year. Deposits were $2.6 billion.

NetBank Business Finance provides funding for business equipment leases through a nationwide network of independent brokers.

NetBank Payment Systems offers end-to-end ATM services and merchant processing solutions that allow businesses to clear check, debit, credit and pre-paid transactions.

Market Street Mortgage is a retail residential conforming mortgage lender that operates in the majority of states. Market Street Mortgage has built a solid reputation in the communities it serves by working closely with first-time and minority home buyers.

NetBank Funding generates conforming residential mortgage loans through a nationwide network of independent brokers and correspondent lenders. NetBank Funding offers its customers a full line of products and an industry-leading automated underwriting platform.

In 2006, the company had a poor financial year and reported a net loss of $202 million. The company shut down businesses including FTI/QuickPost; its RV, boat and aircraft financing unit; its insurance operation; its auto lending unit; and the consolidation of its indirect conforming mortgage regional operating centers.

Updated April 9, 2007