What bank is Netbank?
Netbank originally operated as one of the very first internet-only banks in the United States, pioneering digital banking services during the late 1990s and early 2000s without maintaining physical branch storefronts. However, during the subprime mortgage crisis, Netbank suffered severe financial distress due to troubled residential loan portfolios and ultimately failed, leading the Office of Thrift Supervision to close the institution and appoint the FDIC as receiver. In contemporary financial terminology, the term netbank is frequently used as a generic descriptor for modern online-only digital neo-banks and fintech banking platforms.
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