Online bank is closed by U.S. regulator
An online bank with $2.5 billion in assets was shut down by the government because of an unsustainable level of mortgage defaults.
The Office of Thrift Supervision appointed the Federal Deposit Insurance Corp. as receiver for Alpharetta, Ga.-based NetBank Inc., the largest thrift to fail since the tail end of the savings-and-loan crisis nearly 15 years ago.
NetBank’s $1.5 billion in insured deposits will be assumed by ING Bank, part of Dutch financial giant ING Groep.
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