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Non-Tech : NetBank(NTBK)-formerly Atlanta Internet Bank
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To: Bruce A. Thompson who wrote (2000)6/22/1999 1:58:00 PM
From: Mike Milde  Read Replies (3) of 2414
 
They currently have about 35,000 accounts, which is about 17,500 customers if you assume each customer has a checking and a savings account. Market cap is slightly over $1 billion today. That's about $58,000/customer. It's not has high as it used to be.

If someone were to buy NetBank at the same premium that E*Trade paid for Telebanc, then you are back to about $100,000/customer. Given that, I'd say that the customer base has little value. Some good marketing can get you customers at just $56 each.

Mike
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