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Retirement Savings: How Much Should I Save Each Month?NetBank Being Acquired by EverBank
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ON BY Ken Tumin
Update 9/28/07: NetBank closed by the FDIC. See post for more details.
EverBank announced today that it has reached an agreement with NetBank to acquire NetBank's direct banking division and a other couple other divisions. EverBank expects to complete the acquisition by early summer with full integration expected by the third quarter of this year. From this Forbes article, it appears NetBank's poor financial situation contributed to this deal.
I've long reported about NetBank's weak Bankrate.com safe and sound ratings. As this example shows, many weak banks don't go under and are instead sold to a stronger bank. So the FDIC insurance isn't even needed.
From EverBank's website, they're informing NetBank customers that "We hope to close the transaction in late June or early July and then officially welcome you to the EverBank family. We'll then work to complete account integration during the third quarter."
This will probably soon put to an end to all of those NetBank sign-up bonuses (see post). NetBank's money market and checking accounts didn't have high rates, but they did have some decent sign-up bonuses. Their CDs, however, did have some competitive rates along with bonuses, especially for this year (see post).
One concern that NetBank customers may have is their future eligibility for EverBank's 6% promotion on its FreeNet Checking since this promotion is only for new customers.
Thanks to the readers who emailed me this news.
EverBank announced today that it has reached an agreement with NetBank to acquire NetBank's direct banking division and a other couple other divisions. EverBank expects to complete the acquisition by early summer with full integration expected by the third quarter of this year. From this Forbes article, it appears NetBank's poor financial situation contributed to this deal.
I've long reported about NetBank's weak Bankrate.com safe and sound ratings. As this example shows, many weak banks don't go under and are instead sold to a stronger bank. So the FDIC insurance isn't even needed.
From EverBank's website, they're informing NetBank customers that "We hope to close the transaction in late June or early July and then officially welcome you to the EverBank family. We'll then work to complete account integration during the third quarter."
This will probably soon put to an end to all of those NetBank sign-up bonuses (see post). NetBank's money market and checking accounts didn't have high rates, but they did have some decent sign-up bonuses. Their CDs, however, did have some competitive rates along with bonuses, especially for this year (see post).
One concern that NetBank customers may have is their future eligibility for EverBank's 6% promotion on its FreeNet Checking since this promotion is only for new customers.
Thanks to the readers who emailed me this news.