Internet Bank G&L; Is Closing Down
Associated Press and Reuters
The nation’s only Internet-based bank created specifically to serve homosexuals said it would close within 90 days.
G&L; Bank, whose initials stand for “gay and lesbian,” had little difficulty attracting depositors but was unable to find enough customers for loans, said Chairwoman and Chief Executive Kay Griffith.
Although some Internet-only banks such as NetBank Inc. are turning a profit, most have struggled to attract customers and bring in cash.
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