Volatile Earnings Force NetBank to Sell Its Servicing Business, Will Use Cash to Invest in Profitable Lines
May 12, 2006
Shaky earnings from its servicing operation have forced NetBank to offer its servicing platform and most of its servicing portfolio for sale. NetBank said selling the servicing unit will free-up between $20 million and $35 million in risk-based capital for the online bank to invest in more profitable initiatives. …