Closed Friday, September 28, 2007 · Alpharetta, Forsyth County, Georgia
NetBank
NetBank was the largest of the 3 bank failures in 2007. No bank in Georgia had failed for four years, since AmTrade International Bank closed in 2002. NetBank's assets had shrunk 51% from their peak in the third quarter of 2005 by the last report before closing.
On the books, 1999 to 2007
Total assets peaked at $5.1 billion. Equity capital went from 21% of assets in the third quarter of 1999 to 2.6% at the last report. It reported a net loss in five of its final nine reporting years. The deepest annual loss, $191 million, was booked in 2006.* 2007: January to June only, the last report before closing.
Size against the other 2007 failures
Total assets of each 2007 failure, log scale; NetBank in red.
Of the 128 failed banks on record in Georgia since 1934, it ranks second by size. Across the failures of 2007, the median estimated loss came to 23% of assets. Ranked by estimated loss, it is 300th of 2,944 failures since 1934. The next-largest failure of that year was Miami Valley Bank of Lakeview, Ohio ($125 million, loss 23% of assets). Every 2007 failure in the explorer.
Failures in Georgia
The next was Integrity Bank of Alpharetta, on August 29, 2008. Forsyth County has 2 failed banks on FDIC record since 1934. The other: Patriot Bank of Georgia (2011).