Flagstar Online Banking, a company that provides online banking services to the US and Canada, has announced it will shut down and move its headquarters to the UK.
The online bank, which offers more than 500 services, said it is closing the online banking service on April 1 and the UK-based branch will close by the end of May.
“In an effort to focus on our business and focus on the mission of providing online banking to Canadians and US citizens, we are terminating operations,” Flagstar said in a statement.
The decision came after a breach of personal data from about 150,000 customers who used the service.
The breach, which was reported in May, led to the company losing around $2 million and was disclosed in May.
The Canadian-based bank said it has since shut down its US operations, but it plans to open up its UK-focused bank in the coming weeks.
In March, the company was fined $2.5 million by the U.S. Federal Trade Commission for failing to protect customers from online fraud.
Flagstar did not say how much the company lost, but said it would use the money to fund the cost of the breach.
The company did not provide details of how the breach affected customers, other than to say it was not related to any financial transaction.
FlagStar is the latest online banking company to experience financial issues.
A few months ago, British-based online bank Lloyds Banking Group, which operates more than 2,000 branches across the U and UK, announced it was to close its online banking business and move into a new global business called Global Bank.