NetBank acquires online accounts from CompuBank

NetBank acquires online accounts from CompuBank

US Internet pure play bank, NetBank is to acquire the deposit accounts of rival online outfit Houston-based CompuBank. Terms of the transaction have not been disclosed.

D R Grimes, NetBank chief executive officer, says the acquisition "is a strategic decision that enables us to acquire a sizeable number of accounts held by experienced online banking customers at a cost comparable to our historical acquisition cost".

Like NetBank, CompuBank has focused on growing its transaction-based accounts, says Grimes. "We have seen over time that these customers tend to be more profitable for the bank. They are more loyal and typically take advantage of additional banking products and services."

CompuBank will continue to serve its customers until the account conversion is completed sometime during the second quarter of 2001.

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