The sub-prime credit card implosion continues as FL-based Net First National Bank was closed Friday by the OCC with the FDIC named as receiver, and taken over this morning by Bank Leumi USA. Net First, in conjunction with Equitex's Key Financial Systems, issued the sub-prime "Net 1st MasterCard," a credit card program which charged consumers a one-time reservation fee of $500, which fully utilized the credit limit.
