USABancShares.com Account Growth Exceeds Projections, Continues to Accelerate
PHILADELPHIA, Feb 4, 2000 (BUSINESS WIRE) -- USABancShares.com, Inc.
(NASDAQ-"USAB") today announced that ongoing initiatives in scaling its Network
of online financial services users has surpassed initial projections.
"Total online account applications now exceed 14,000, and total accounts open
now exceed 11,000. Trends are extremely exciting, as average daily account
applications reached 225 in January, up substantially even from year end. Given
our existing programs, we're on target to exceed 100,000 Network users on an
annualized basis," said Ken Tepper, President & CEO of USABancShares.com.
Online activity is comprised primarily of checking/savings accounts (two-thirds)
with an average balance exceeding $1,265 and time deposits (one-third) with an
average balance of $23,000. Overall cost for online deposits is approximately
5.45%.
"The fact is that we've done very little in terms of national advertising . . .
and have yet to launch many critical partnerships which will add fuel to ongoing
expansion, to include the shipment of 600,000 E-machines computers that each
have a built-in keyboard button linking to our site. In view of the fact that
our co-branded EarthLink/Sprint partnership went live only in mid January, I
think momentum is just starting to build for us as customer acquisition cost
remains well below industry comparisons. While we may not be the definitive
brand yet, it's clear that people like what we're doing both in terms of
customer experience and financial products," he concluded.
Rated No. 1 by Gomez.com, USABancShares.com's featured on-line account
"energyONE" was designed to establish a new banking standard. With a 5.00% (APY)
interest rate on checking and a minimum balance requirement of a single dollar,
USABancShares.com has relied upon on-line economies of scale in offering rates
that were previously reserved for high net worth depositors. |
