FWIW
FBR Initiates Coverage of NetBank, Inc.
ARLINGTON, Va., Oct. 10 /PRNewswire/ -- Friedman, Billings, Ramsey & Co.,
Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), has
initiated coverage of NetBank, Inc. (Nasdaq: NTBK) with a "Buy" rating and a
12-month price target of $11 per share.
In a 19-page report, Senior Analyst Paul Miller, CFA, identified NetBank
as the largest independent, federally insured bank operating exclusively on
the Internet. The country's first profitable Internet-only bank, NetBank, has
become a $2.2 billion thrift with more than $1.2 billion of deposits gathered
through its website at netbank.com since its inception in 1996.
"We believe the most compelling reason to own NTBK is that investors have
the opportunity to buy a traditional thrift model that has been successful in
attracting deposits over the Internet quickly at a price below tangible book
value," Mr. Miller said.
NetBank, Inc., through its subsidiaries, offers online account access,
bill payment and presentment services, online brokerage services, mortgage
lending, home equity lines and loans, insurance, individual retirement
accounts (IRAs), online safe deposit boxes, and business equipment leasing
services.
Yesterday, NTBK closed at $7.75 per share.
Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), the parent company of
Friedman, Billings, Ramsey & Co., Inc., is a financial holding company for
business that provide investment banking, institutional brokerage, specialized
asset management, and banking products and services. FBR provides capital and
financial expertise throughout a company's lifecycle and affords investors
access to a range of proprietary financial products and services.
Headquartered in the Washington metropolitan area, FBR has offices in
Arlington and Reston, Va., Atlanta, Bethesda, Md., Boston, Charlotte, Chicago,
Cleveland, Dallas, Irvine, Ca., New York City, Portland, Seattle, London, and
Vienna. Bank products and services are offered by FBR National Bank & Trust,
member FDIC and an Equal Housing Lender. For more information, see
fbr.com .
Friedman, Billings, Ramsey & Co., Inc. makes a market in the common shares
of NTBK. Additional information on the securities mentioned in this report is
available upon request. This report is based on data obtained from sources we
believe to be reliable, but is not guaranteed as to accuracy and does not
purport to be complete. Because of individual client objectives, this report
should not be construed as advice designed to meet the particular investment
needs of any investor. Any opinions expressed herein are subject to change.
This report is not to be construed as an offer or the solicitation of an offer
to buy or sell the securities herein mentioned. From time to time, this firm,
its affiliated entities and/or their respective directors, officers, employees
or members of their immediate families may have a long or short position in
the securities mentioned in this report. These securities may be sold to or
purchased from customers or otherwise by this firm, its affiliated entities,
and/or its directors, officers, employees or members of their immediate
families, as principal or agent. This publication has been issued and approved
by FBR Group under a compliance routine approved by Friedman, Billings, Ramsey
International Limited, its UK SFA Regulated subsidiary, for distribution to UK
and European non-private clients.
Friedman, Billings, Ramsey & Co., Inc. is a member of the National
Association of Securities Dealers, CRD number 25027.
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SOURCE Friedman, Billings, Ramsey & Co., Inc.
-0- 10/10/2001
/CONTACT: Melissa Hurney of Friedman, Billings, Ramsey & Co., Inc.,
+1-703-312-1827, or mhurney@fbr.com/
/Web site: fbr.com
netbank.com
(FBR NTBK)
CO: Friedman, Billings, Ramsey & Co., Inc.; NetBank, Inc.
ST: Virginia
IN: CPR FIN MLM
SU: RTG
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