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, Netbanks 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 CompuBanks management team will join NetBank, he said.