biz.yahoo.com
Friday March 10, 12:43 pm Eastern Time
Company Press Release
USABancShares.com Network Exceeds 20,000 Account Applications
PHILADELPHIA--(BUSINESS WIRE)--March 10, 2000--USABancShares.com, Inc. (NASDAQ-``USAB') today announced that ongoing initiatives in scaling its Network of online financial services users continues to surpass projections.
``Total online account applications have accelerated rapidly, and now exceed 20,000; this is a 50% increase from the month prior. Total funded accounts now exceed 15,000, and average daily account applications continue to grow, with a single day record high of 613 in March,' said Brian Hartline, Chief Financial Officer of USABancShares.com. ``Most importantly, daily traffic to our community of sites has risen dramatically and now approaches 20,000 on a daily basis as more and more users come to rely upon our products and services for their financial requirements,' he concluded.
``Our business model is all about Network growth - and has little to do with simply taking deposits and making loans to achieve a modest return as generally associated with traditional banking. Banking and financial services is a great magnet for attracting large numbers of online users who will access credit, pay bills, and otherwise visit us regularly to satisfy their financial needs . . . and monetize our Network,' said Ken Tepper, President & CEO of USABancShares.com.
Tepper added that the company anticipates added growth through this month's planned launch of its real-time wireless platform. ``In terms of wireless technology, we're way out front and intend to stay there,' he said. The USABancShares.com wireless platform includes full account access, bill payment, and other services deliverable on a number of Personal Digital Assistants (PDA's) and cellular phones including the industry leading Palm VII.
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.
Forward Looking Statements:
Some of the statements contained in this press release discuss future expectations, contain preliminary unaudited results of operations and financial condition and state other ``forward looking' information. Those statements are subject to known and unknown risks; uncertainties and other factors that could cause the actual results to differ materially from those contemplated by the statements.
The forward-looking information is based on various factors and was derived using numerous assumptions. Important factors that may cause actual results to differ from projections include, for example: general economic conditions, including their impact on capital expenditures; business conditions in the financial services industry; the regulatory environment; rapidly changing technology and evolving banking industry standards; competitive factors, including increased competition with community, regional and national financial institutions; new services and products offered by competitors; and price pressures.
-------------------------------------------------------------------------------- |
