Anyone know what "pure-play" means in this context...?
E*TRADE(R) Completes Acquisition of Nation's Largest Independent ATM Network
PR Newswire - May 08, 2000 14:08
Leading Financial Services Portal Moves Aggressively to Drive Adoption Of Online Banking and Establish Nationwide Network of Financial Services Kiosks
MENLO PARK, Calif., May 8 /PRNewswire/ -- E*TRADE Group, Inc.(Nasdaq: EGRP) today announced that it has completed its acquisition of Card Capture Services, Inc., the largest independent network of centrally-managed automated teller machines (ATMs) in the U.S. E*TRADE is now positioned to
rapidly deploy a nationwide branded ATM network of over 8,800 machines located in 48 states and three countries, providing customers with a "high touch/high tech" presence to conduct an expanding array of financial transactions.
Demonstrating strong forward momentum, E*TRADE completed the transaction just eight weeks after first announcing the definitive agreement to acquire Card Capture Services.
Through the launch of its ATM Network, E*TRADE plans to enhance customer convenience and extend the reach of E*TRADE's financial services portal by
providing branded physical touch-points for services without an investment in traditional "brick and mortar." Based on these new ATMs, E*TRADE is now developing the technology to create a nationwide network of Financial Services
Kiosks. These enhanced "super-terminals" will offer advanced functionality and serve as a cost-effective delivery channel for cross-selling the Company's expanding array of fully integrated products and services from E*TRADE Bank(SM) and E*TRADE's brokerage, mutual fund and asset management units.
"With the closing of the CCS acquisition, our new ATM network provides customers a convenient electronic physical presence from which they can conduct a rapidly expanding array of financial transactions with E*TRADE," said Christos
M. Cotsakos, chairman of the board and chief executive officer of E*TRADE Group, Inc. "Just as ATMs revolutionized the banking business back in the early eighties, we strongly believe E*TRADE's new ATM network and our Financial Services Kiosks will transform the financial services industry in the 21st century."
The new ATM network is also expected to help enhance the growth opportunities for E*TRADE Bank, the nation's largest pure-play Internet bank, by eliminating one of the final barriers to the widespread adoption of Internet banking.
"Our web-enabled ATM network is one of the most compelling customer benefits that E*TRADE has launched to date, and its potential to materially expand our base of banking customers is extremely promising," said Mitchell H. Caplan, chief
banking officer of E*TRADE Group, Inc. "Since announcing our merger with E*TRADE and launching the first phase of E*TRADE Bank, we have consistently seen a significant percentage of new customer growth month after month come directly from the base of existing E*TRADE customers. Because we know what our customers value most, we will move aggressively to deploy a national network of branded ATMs that rewards them with free cash withdrawals and other no-fee transactions."
In coming months, E*TRADE is preparing to upgrade a number of these machines to provide customers with the added benefit of deposit taking capabilities. E*TRADE is gearing up to enter new banking partnerships by providing ATM
services to the more than 3,000 corporations that are customers of E*TRADE's rapidly expanding Business Solutions Group. By driving account growth, diversifying revenue streams and positioning the Company to capture a growing
share of the customer's wallet, E*TRADE's ATM network is a key component in the company's relentless commitment to profitability. "E*TRADE is one of the most exciting companies now driving the new digital economy," said Dave Grano, president and CEO of Card Capture Services, Inc.
"Working with E*TRADE, we plan to continue to deliver a network that is both compelling and financially rewarding to our merchant partners and empowering to our banking and brokerage customers."
E*TRADE's newly acquired ATMs, which currently generate over 3.1 million transactions per month, are deployed in a variety of locations, including grocery stores, drug stores, convenience stores, shopping malls, hotels and gas stations.
The network currently has established relationships with several premiere merchants nationwide, including Safeway, RiteAid, Coastal and Chevron. These prominent affiliations, along with additional ones currently being explored, will
enhance E*TRADE's brand awareness as a full service financial institution that provides customers easy access to an ever-expanding array of financial products and services.
About E*TRADE
E*TRADE, a global leader in online personal financial services, is the world's most-visited online investing site according to Media Metrix (2/00), offering value-added investing and research features, premium customer service and a redundant, proprietary Stateless Architecture(SM) infrastructure. Through its online banking subsidiary, E*TRADE has created one of the first pure-play Internet financial services companies to combine banking and brokerage. In coming months, with the nationwide rollout of E*TRADE Bank(SM), customers will be offered an even broader array of advanced functionality and integrated financial services. In addition to the U.S., E*TRADE presently serves customers through branded web sites in Japan, the U.K., Sweden, Denmark, France, Australia, New Zealand, Canada and Korea. E*TRADE has been recognized as a leader in online financial services by Gomez Advisors, Lafferty Information and Research Group, PC Magazine and Smart Computing magazine. E*TRADE Securities Inc. (Member NASD/SIPC), and its parent company, E*TRADE Group, Inc. have offices in Northern California and in other major business centers in the U.S. and worldwide. E*TRADE is a registered trademark of
E*TRADE Securities, Inc.
About E*TRADE Bank
E*TRADE Bank, formerly known as Telebank, is a wholly owned subsidiary of E*TRADE Group, Inc. Deposits at E*TRADE Bank are insured up to $100,000 by the FDIC. E*TRADE Bank is the nation's largest pure-play Internet bank-based on FDIC data. E*TRADE Bank is the first pure-play Internet bank in the U.S. to surpass the industry milestone of $3 billion in customer deposits and is the only pure-play Internet bank to be ranked among the top 35 federally chartered U.S. savings banks based on both assets and deposits. E*TRADE Bank has been ranked number one by bankrate.com, a division of Intelligent Life Corporation, in their October 1999 nationwide annual checking survey of 1,183 accounts offered by the 353 largest institutions in the largest 35 U.S. markets. The bank has also been selected as one of the top fifty fastest growing Internet companies by Worth magazine.
As of March 31, 2000, E*TRADE Bank had over $6.5 billion in assets, $3.2 billion in deposits and more than 170,00 customer accounts. E*TRADE Bank can be accessed at www.etradebank.com or 800-ETBANK-1. Until May 8, 2000,
E*TRADE Bank is a division of Telebank.
About Card Capture Services
Considered the founder of the independent ATM industry, Card Capture Services, Inc. is the nation's largest independent ATM provider with turnkey ATM solutions for a growing number of consumer-based businesses. The company has a proprietary centralized network operations center providing 24 x 7
remote monitoring and real time distribution of software and services.
Founded in 1993 with offices in Portland, OR, Card Capture Services currently has 150 employees, a nationwide network of 35 dealers and over 8,500 ATMs. A Financial Services On-line Industry Torchbearer and twice an Inc. 500
Fastest-Growing Private Company, the company had gross revenues of $72 million in 1999.
Important Notice
E*TRADE, Destination E*TRADE and Stateless Architecture are registered trademarks or trademarks of E*TRADE Securities, Inc. All other trademarks are properties of their respective owners. The statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, market acceptance of the Destination E*TRADE web site, anticipated increases in the rate of new customer acquisition, the conversion of new visitors to the site to customers, seasonality, the development of new products and services, the enhancement of existing products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. Further information about these risks and uncertainties can be found in the information included in the annual report filed by the company with the SEC on Form 10-K (including information under the caption "Risk Factors") and quarterly reports on Form 10-Q. System and access response time may vary due to market, system and other conditions.
CONTACT: media, Jacqueline Russo of E*TRADE Group, Inc., 650-331-5789, or jrusso@etrade.com, or Deborah Newman of E*TRADE Bank, 703-247-3702, or dnewman@etradebank.com, or investors, Erica Gessert of E*TRADE, 650-331-5893, or egessert@etrade.com.
SOURCE E*TRADE Group, Inc.
/CONTACT: media, Jacqueline Russo of E*TRADE Group, Inc.,
650-331-5789, or jrusso@etrade.com, or Deborah Newman of E*TRADE Bank, 703-247-3702, or dnewman@etradebank.com, or investors, Erica Gessert of E*TRADE, 650-331-5893, or egessert@etrade.com//Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 136683//Web site: etrade.com
(EGRP)
[Above From ePredict.com]
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