ATLANTA — CompuBank, an Internet-based bank with headquarters in Houston, has agreed to sell all of its accounts to NetBank Inc., another Internet-based bank, for an undisclosed sum.

D.R. Grimes, Netbank’s chief executive officer, said CompuBank had about 50,000 accounts, including those acquired through co-branding relationships.

The privately held CompuBank says it will continue to serve its customers until the account conversion is completed in the second quarter.

Mr. Grimes said the two companies were brought together a few weeks ago to discuss the account acquisition. “We have always been interested in acquiring Internet banking operations where it made sense.”

It is unlikely that any members of CompuBank’s management team will join NetBank, he said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.