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Non-Tech : NetBank(NTBK)-formerly Atlanta Internet Bank
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To: mark garner who wrote (2074)7/9/1999 3:40:00 PM
From: Bruce A. Thompson   of 2414
 
Mark,

Your point is well taken. Imagine, if you will, a b&m bank that is at about 25 X earnings and 40% of their customer base puts them in a position of having to triple the cost on their deposits. Also, their cost per account to open a new account and keep an existing customer has to be equal to the cost per new account for NetB@nk. It sort of puts the B & M banks in the same position that subprime mortgage companies were in during the last 2-3 years. Cost of money spiraling while the competition eats away at their customer base. Watch for major rating services to start looking harder at the B & M banks later on down the road.

BT
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