NextCard, Inc. (NXCD) Message Board

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Technology Stocks : NextCard, Inc. (NXCD)

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To: Buckey who wrote (157)	2/7/2002 6:22:13 PM
From: Buckey	Read Replies (1) of 192

bad news U.S. regulators close Arizona-based NextBank WASHINGTON, Feb 7 (Reuters) - The U.S. Office of the Comptroller of the Currency on Thursday closed Phoenix, Arizona-based NextBank, owned by struggling online credit card company NextCard Inc. (NasdaqNM:NXCD - news), citing unsafe operating practices likely to deplete the bank's capital. The Federal Deposit Insurance Corporation has been appointed receiver of the bank, which had assets of around $700 million and total deposits of around $550 million as of Dec. 31, the OCC said in a news release. The bank ``experienced a substantial dissipation in assets and earnings through unsafe and unsound practices,'' the agency said, adding ``there was no reasonable prospect for the bank to become adequately capitalized without federal assistance.''

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