Who in their right mind expected these guys to execute their plans without a secondary offering??? Would you rather get investment from CMGI or SoftBank, which would require turning over a % of your ownership to them? HELLO!? We need large institutional interest, and we just got it!
Secondary Public Offering announced via SB2 filed yesterday, seeking $34.5 million. Once the underwriter is announced, an expected date will be set and a price range (then we'll know how many shares will be offered.) Header/Summary below, see all of the filing here: freeedgar.com
-VeloSpeed
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Common Stock
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This is an Offering of ________________ shares of common stock of
USABanc.com, Inc.
USABanc.com's common stock is quoted on the Nasdaq SmallCap Market
under the symbol "USAB." We have made application for quotation of our common
stock on the Nasdaq National Market under the same symbol. On July 15, 1999,
the last reported sale price of our common stock was $13.25 per share.
See "Risk Factors" beginning on page 7 to read about risks that you
should consider before buying shares of our common stock.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is a
criminal offense.
The shares of common stock offered are not deposits, savings accounts
or other obligations of a bank or savings association and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency. -------------
Per Share Total
--------- -----
Initial price to public........................... $ $
Underwriting discount............................. $ $
Proceeds, before expenses, to USABanc.com......... $ $
The underwriters may, under certain circumstances, purchase up to an
additional ____________ shares of common stock from USABanc.com at the initial
price to public less the underwriting discount.
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The underwriters expect to deliver the shares against payment in New
York, New York on _______________, 1999.
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Sandler O'Neill & Partners, L.P.
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The date of this prospectus is _______________, 1999.<PAGE>
PROSPECTUS SUMMARY
This summary does not contain all the information you should consider
before investing in our common stock. You should read the following summary
together with the more detailed information and financial statements contained
elsewhere in this prospectus. USABanc.com, Inc.
USABanc.com is a financial services company dedicated to becoming a
leading provider of financial products and services over the Internet. We
believe the financial services industry has the highest degree of functionality,
next to research, over the Internet. We will strive to provide the ultimate
application for Internet users through our Website, www.usabanc.com. To achieve
our objective, we have created a dynamic Internet banking platform that will
offer our customers a convenient, cost-efficient, secure and user-friendly
medium for financial products and services, together with an entertaining
on-line experience that we believe no other financial based site provides. In
addition to offering traditional banking products and services, our site will
provide users portal applications such as live news feeds, timely search and
retrieval services, message boards, stock quotes, broker/dealer services and
links to other interesting sites on the Internet. Users can currently purchase
certificates of deposit and obtain stock quotes through our Website. We expect
www.usabanc.com to begin offering our Internet banking and brokerage products
and services in early August 1999.
International Data Corporation, an independent market research firm,
reports that the number of worldwide Internet users is projected to grow from
approximately 97 million in 1998 to approximately 320 million by 2002.
International Data Corporation forecasts that total worldwide commerce on the
Internet will grow from an estimated $32.4 billion in 1997 to an estimated $1.0
trillion in 2003. We intend to capitalize on the increasing consumer use of the
Internet by launching and aggressively marketing our Internet banking platform
on a national basis. Although our origin is in Philadelphia as a traditional
"brick and mortar" bank, we believe we can provide financial services more
efficiently and economically to customers nationally through electronic delivery
channels rather than through further expansion of traditional "brick and mortar"
branch network delivery facilities. Through our Internet banking operations, our
customers will be able to access account data and information about products and
services we offer and conduct banking activities 24-hours-a-day every day of the
year from anyplace.
We intend to execute our strategy of becoming a leading provider of
financial products and services over the Internet by:
o Establishing the USABanc.com Website as a leading and comprehensive
source for financial services on the Internet. We have created our
Internet banking platforms to allow our customers to choose between
platforms using either a Hypertext Mark-up Language, more commonly
known as "HTML," or Macromedia's innovative "Flash" technology. We
expect the HTML Website to begin offering our Internet banking and
brokerage products and services in early August 1999, and we expect
the "Flash" Website to begin offering products and services in
September 1999. We believe the "Flash" platform will significantly
enhance our customers' experience on our Website and differentiate us
from other Internet banks. Additionally, because our "Flash" platform
was developed in anticipation of the greater bandwidth that is now
widely available, we will be able to deliver our services at the
speed expected by today's on-line user. We believe www.usabanc.com's
unique audio/visual interface will attract users who demand not only
efficient and convenient financial services, but entertaining content
as well. We intend to attract customers by providing the following
benefits:
o Offering a broad selection of financial products and services.
o Offering attractive interest rates and low or no fees.
o Building national brand awareness through extensive marketing
efforts.
o Offering superior service, convenience and ease of access.
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