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Technology Stocks : NextCard, Inc. (NXCD) -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (175)	3/14/2002 7:17:26 AM
From: AV8R	Read Replies (2) \| Respond to of 192

Anyone know what the new stock symbol will be? NextCard cuts staff, gets delisted Online credit card company lays off 90% By Kristen Gerencher, CBS.MarketWatch.com Last Update: 4:03 PM ET March 12, 2002 SAN FRANCISCO (CBS.MW) -- NextCard, the first Internet bank to be closed by federal regulators last month, said Tuesday it is cutting 90 percent of its work force and will have its stock delisted next week. Layoffs at the nontraditional lender will cost 546 jobs. But the Federal Deposit Insurance Corporation offered 465 of those workers temporary employment with a third-party contractor, according to Reuters. Shares of NextCard will cease public trading on Nasdaq on March 18. Last month, NextCard (NXCD: news, chart, profile) ran into financial trouble because of mounting loan delinquencies. The FDIC took receivership in early February after determining the bank had assets of $700 million and deposits of $554 million, nearly $30 million of which exceeded the federal deposit insurance limit.