NextBank Is Closed by Federal Regulators

Federal bank regulators closed Phoenix-based NextBank, the largest marketer of credit cards over the Internet, after finding the bank failed to identify extensive credit quality problems.

The Comptroller of the Currency, which regulates nationally chartered banks, closed the bank and the Federal Deposit Insurance Corp. was appointed as receiver.

NextBank is a unit of NextCard Inc. of San Francisco. NextCard shares closed down 5 cents to 14 cents on Nasdaq.