NetBank, Inc., parent company of the country’s first commercially successful Internet bank, NetBank (www.netbank.com), announced that its wholly owned subsidiary, NetBank Payment Systems, Inc., has completed its acquisition of select assets of Electronic Cash Systems Inc.
“With the addition of the ECS assets, we’ve enhanced our focus on merchant processing,” said Tommy Glenn, president, NetBank Payment Systems, Inc. “It allows us to add more than 1,000 ATMs, and POS and merchant processing customers, dramatically expanding our service capabilities on the West Coast.”
For further information on this transaction, please see the company’s press release “NetBank, Inc. Brands Newly Acquired ATM Processor NetBank Payment Systems, Inc.” dated January 21.
About NetBank, Inc.
NetBank, Inc. (Nasdaq: NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its major subsidiaries include NetBank(R) (www.netbank.com), the country’s first commercially successful Internet bank; RBMG, Inc., a wholesale mortgage lender that generates residential mortgages through a nationwide network of independent brokers and correspondent lenders; Market Street Mortgage Corporation, a retail residential mortgage lender that conducts business in 39 states; Meritage Mortgage Corporation, a wholesale mortgage lender that originates non-conforming residential mortgages through a nationwide network of independent brokers; Republic Leasing Company, Inc., a wholesale originator and servicer of commercial business equipment leases; NetInsurance, Inc. (formerly known as RBMG Insurance Services, Inc.), an online insurance agency representing some of the nation’s leading insurance companies; and NetBank Payment Systems, Inc., a provider of ATM and merchant processing services to small institutions and non-bank retail businesses. NetBank is a Member FDIC. NetBank, RBMG(R), Market Street Mortgage(R) and Meritage(R) are Equal Housing Lenders.