September 17, 1999 08:16
NextCard, Inc. Acquires Textron National Bank; Major Strategic
Milestone Achieved
SAN FRANCISCO--(BUSINESS WIRE)--Sept. 17, 1999--NextCard, Inc. (Nasdaq:NXCD), creator of The First True Internet Visa, today announced that it has completed its acquisition of Textron
National Bank.
As part of the transaction, Textron National Bank has been renamed "NextBank, National Association." NextCard will operate NextBank as a wholly owned subsidiary.
"We are very excited about achieving this significant milestone," said Jeremy Lent, Chief Executive Officer of NextCard. "The formation of NextBank allows us to originate and hold credit card assets for our own account, and further strengthens our position as the leading issuer of credit cards online. As the Internet becomes an increasingly important source of growth in the credit card industry, NextBank provides us with the foundation to take full advantage of our undisputed leadership in this channel."
"NextBank's ability to access the FDIC-insured deposit market enables us to further diversify our funding sources, while enhancing our liquidity position," said John Hashman, Chief Financial Officer of NextCard. NextCard currently has approximately $450 million in funding capacity through conduit funding arrangements with Barclays Capital and ING Barings. "We expect to begin originating FDIC-insured deposits soon, and we will focus on developing a unique Internet-based experience for these consumers," added Hashman.
About NextCard, Inc.
NextCard, Inc. (http://www.nextcard.com), creator of The First True Internet Visa in 1997, is considered the industry's leading issuer of consumer credit on the Internet. The Company has continued to innovate with its complete GoShopping!(SM) Web site, NextCard eWallet, Double
Rewards program, personalized PictureCard(SM) design and exceptional online customer service. NextCard publishes the NextCard eCommerce Index(SM), the premier source of online transaction activity and was named a "HOT 100 Company" by Upside Magazine and one of "The Standard 100" by the Industry Standard Magazine for being one of the 100 most important and influential companies in the Internet economy.
THE SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995.
Information contained herein as to NextCard's expectations and goals are forward-looking statements. Actual results could differ from those projected in these statements due to portfolio characteristics, economic conditions, competition in the industry and other factors detailed from time to time in the Company's Securities and Exchange Commission filings.
Note to Editors: NextCard is a trademark of NextCard, Inc.
CONTACT: NextCard Inc., San Francisco
John Hashman, 415/836-9710
john.hashman@nextcard.com |
