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NetBank plans to sell off more, closes mortgage unit
May 23, 2007
The Associated Press:Online financial-services firm NetBank Inc. plans to sell a significant portion of its assets to EverBank, a privately held financial-services firm. The deal is expected to close in June. NetBank did not disclose a sale price, but said the price came at a discount. "Extreme financial pressure for more than a year, due to a difficult mortgage origination market" and "a flat yield curve" pushed the company to sell more assets, NetBank said in a news release. The company also said it will close its third-party mortgage-origination business.
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