ATLANTA, Oct. 11, 2006 (PRIMEZONE) -- NetBank, Inc. (Nasdaq:NTBK), a diversified financial services provider and parent company of NetBank(r) (www.netbank.com), today announced that NetBank has completed a preliminary draft of a strategic plan to meet Community Reinvestment Act (CRA) requirements during 2007 and 2008. The plan focuses the company's mortgage and small business lending activities on a total of five assessment areas and on 22 states that the company considers CRA Focus Areas.
The five assessment areas include the Atlanta Metropolitan Statistical Area (MSA), the Austin (Texas) MSA, the Clearwater (Fla.) MSA, the Columbia (S.C.) MSA, and the Jacksonville (Fla.) MSA. These assessment areas and the 22 states comprising NetBank's CRA Focus Areas represent 85% of the bank's deposit base and lending activity.
The 2007-2008 plan sets forth measurable goals for achieving "Satisfactory" and "Outstanding" ratings and outlines specific courses of action for lending, investment and other community service work. The bank sought input from various community and regulatory agencies in preparing the plan.
NetBank has made the plan available to the public and is currently accepting comments. Interested parties can print a copy from the bank's Web site under the "About Us" section. Individuals may also request a copy by mail or by visiting the bank at 1015 Windward Ridge Parkway, Alpharetta, Ga., during regular weekday business hours. Requests or comments on the plan should be directed to Greg Jones, Director of Regulatory Relations, at gjones@netbank.com or 770-753-1422.
The bank will review all comments and incorporate suggestions at its discretion. The plan will be submitted for approval to the Office of Thrift Supervision (OTS) on or about November 13, 2006. NetBank received an "Outstanding" rating from the OTS for its performance under its 2002 and 2003 CRA strategic plans during its most recent OTS examination. Currently, the bank is operating under its approved 2005-2006 CRA strategic plan.
In addition to its CRA efforts, NetBank, Inc. and its subsidiaries administer a Community Involvement Program. The program is designed to support worthwhile causes that do not meet CRA eligibility requirements. Through August of this year, the company has donated more than $100,000 to non-profit organizations in local communities around the country.
About NetBank, Inc.
NetBank, Inc. (Nasdaq:NTBK) operates a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its primary areas of operation include personal and small business banking, retail and wholesale mortgage lending, and transaction processing. For more information, please visit www.netbank.com.