Name and address of the reporting corporation:

Netbank, Inc
751 Oak Street
Jacksonville, Florida  32204

Date of transaction:

11/1/07

Description of the transaction 

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved the assumption of the insured deposits of Netbank by ING Bank, FSB, Wilmington, DE                                    

Did the reporting corporation’s shareholders receive any stock or other property in exchange for their stock in  the reporting corporation, for which the reporting corporation has reasonably determined that the shareholders are required to recognize gain (if any).from the exchange of such stock?

Yes  

Fair market value of the stock or other property received

$1,057,000

Description of the stock or other property received

Common stock – 250,000 shares