E*TRADE Bank Advances Into the Top 13 Largest Savings Banks in the U.S.
Ranking Reinforces the Advancement of E*TRADE's Diversified Business Model
ARLINGTON, Va., Dec. 12 /PRNewswire/ -- E*TRADE Bank, a wholly-owned subsidiary of E*TRADE Group, Inc. (NYSE: ET - news), and the nation's largest pure-play branchless bank, today announced it has been ranked as the 13th largest savings bank in the United States based on asset size, according to data from SNL Securities, Charlottesville, Va. The ranking highlights the strength of E*TRADE's diversified business model and its unique financial services offering which includes the combination of banking, brokerage, lending and other integrated financial services. While continuing to build its base of profitable, high-balance banking households, the Company has been able to successfully advance its cross-sell strategy.
``The ranking of E*TRADE Bank among the 13 largest savings banks demonstrates our ability to successfully execute on our business model and provide a superior customer experience,'' said Mitchell Caplan, Chief Financial Products Officer and Managing Director, North America of E*TRADE Group, Inc. ``By leveraging E*TRADE Bank's momentum, E*TRADE is well positioned to further accelerate and expand its innovative financial services solution, delivering value-added banking, brokerage, lending and much more, to meet the unique needs of our customers.''
E*TRADE's integrated and diversified financial services model is a key strategic differentiator in a competitive and constantly changing marketplace. Delivered over multiple touchpoints that include online, on-air, wireless and touchpoint platforms, E*TRADE's financial services solution offers customer households expanded access to the content, products, tools and services they need to manage their wealth. Despite the challenging market environment, E*TRADE Bank has been integral in advancing the Company's diversified business strategy, bringing in more than $13.0 billion in assets and $8.0 billion in deposits as of the third quarter. As a member of FDIC, E*TRADE Bank's deposits are insured up to $100,000.
The financial integration of the E*TRADE Mortgage platform, originating a total volume of more than $4 billion since the acquisition by E*TRADE only 11 months ago, also furthers the Company's diversification efforts by continuing to generate non-interest income, while providing a strong cross-selling opportunity to E*TRADE's customer base. By leveraging the inherent value of its mortgage and banking platforms, E*TRADE continues to advance its momentum as a global leader in delivering integrated financial services.
About E*TRADE Mortgage
E*TRADE Mortgage, formerly known as LoansDirect, is one of the nation's leading online mortgage origination platforms, providing value-added products and services directly to consumers through a virtual loan origination platform and a dedicated proactive customer service team. Now authorized to make mortgage loans in all 50 states and the District of Columbia, E*TRADE Mortgage is a market leader known for low rates, simplicity, speed and certainty of delivery. The E*TRADE Mortgage platform surpassed more than 300 other online mortgage lenders nationwide, consistently earning high marks in the customer confidence category by Gomez Advisors for two consecutive quarters and reaching the #2 position overall in Gomez Advisors Winter 2000 Internet Mortgage Scorecard(TM). E*TRADE Mortgage can be accessed at etrademortgage.com or 1-800-546-EASY.
About E*TRADE Bank
E*TRADE Bank 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 branchless bank with over $13.0 billion in assets, more than $8.0 billion in deposits and over 436,000 customer accounts as of September 30, 2001. E*TRADE Bank is the only pure-play branchless bank to be ranked among the top 14 federally chartered U.S. savings banks based on both assets and deposits according to FDIC data as of September 30, 2001. E*TRADE Bank is also affiliated with E*TRADE Access, Inc., now the largest off-premises ATM network in the U.S. and the third largest ATM network nationwide based on American Bankers Association Data as of July 27, 2000. E*TRADE Bank can be accessed at etradebank.com or 1-800-ETBANK-1.
About E*TRADE
E*TRADE is a global leader in online personal financial services, offering value-added investing, banking and research features, premium customer service and a redundant, proprietary Stateless Architecture® infrastructure. In addition to the U.S., E*TRADE presently serves customers in Australia, Canada, Denmark, Germany, Hong Kong, Israel, Korea, Japan, Norway, Sweden, and the U.K. through branded web sites.
Important Notice
E*TRADE, the E*TRADE logo, E*TRADE Bank, and Stateless Architecture are registered trademarks of E*TRADE Group, Inc. or its subsidiaries. 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, 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 E*TRADE Group, Inc. with the SEC on Form 10-K (including information under the caption ``Risk Factors'') and quarterly reports on Form 10-Q.
E*TRADE Bank (member FDIC) and E*TRADE Securities, Incorporated (member NASD/SIPC) are separate but affiliated companies which are wholly-owned subsidiaries of E*TRADE Group, Inc. Securities products and services offered by E*TRADE Securities are not insured by the FDIC, are not guaranteed deposits or obligation of E*TRADE Bank and are subject to investment risk, including loss of the principal amount invested.
CONTACT: Media, Cam Gilbert, +1-703-236-8082, or cgilbert@etrade.com, or Investors, Robert Simmons, +1-916-859-4004, or robert.simmons@etrade.com, both of E*TRADE Group, Inc.
SOURCE: E*TRADE Group, Inc. |
