NetBank, formerly named Atlanta Internet Bank (1996) and Net.B@nk (1998), was a financial company engaged primarily in retail banking, mortgage banking, business finance and providing ATM and merchant processing services. NetBank was founded in February 1996 and completed its initial public offering of stock in July 1997. It was one of the pioneers of the Internet banking industry, and recognized as one of the first internet-only banks. Netbank was a victim of the financial meltdown and was closed on September 28, 2007, by the Office of Thrift Supervision (OTS) in conjunction with the Federal Deposit Insurance Corporation (FDIC). FDIC insured deposits were acquired by another on-line bank ING Direct.