FDIC Shuts Down NetBank Due to Defaults

September 29, 2007 By ALAN ZIBEL, AP Business Writer

(AP) -- NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.

Content from The Associated Press expires 15 days after original publication date. For more information about The Associated Press, please visit www.ap.org .

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