CAROLINA FIRST BANK, THROUGH ITS INTERNET-BASED BANKING SERVICE,
ATLANTA INTERNET BANK, GOES ON-LINE WITH AT&T
GREENVILLE, S.C., Oct. 15 Carolina First Corporation
(Nasdaq-NNM: CAFC) today announced the introduction of Atlanta Internet
Bank's "anytime-anywhere" banking in Cyberspace. Atlanta Internet Bank,
which opened its electronic doors on AT&T's WorldNet Service, offers
banking products primarily by means of a secured Internet web site
atlantabank.com ). Currently, Atlanta Internet Bank services
are being offered as a product of Carolina First Bank, a wholly owned
subsidiary of Carolina First Corporation. Ultimately, Atlanta Internet
Bank is expected to be a stand-alone entity in which Carolina First will
be a lead investor, owning approximately 40% of the bank.
Mack I. Whittle, Jr., President and Chief Executive Officer of Carolina
First Corporation, said, "Atlanta Internet Bank is an excellent
opportunity for Carolina First to participate in the early stages of
this potentially revolutionary technology. Carolina First is in the
business of finding banking solutions for customers and exploring ways
to make banking smarter. We believe that Atlanta Internet Bank offers
customers a smart way to bank, combining the convenience of 24-hour
on-line banking with the cost benefits from innovative technology."
Atlanta Internet Bank is the first financial institution to be featured
on AT&T WorldNet Service and is making extensive use of Service banner
advertising on both the "at home" and the "at work" pages. AT&T
WorldNet Service provides a "hot link" for direct connection to Atlanta
Internet Bank's home page.
Benefiting from significantly lower operating costs than conventional
banks because it operates entirely without branches, Atlanta Internet
Bank is opening with a limited time offer of 7% interest (annual
percentage yield 6.18%) on NetVantage money market accounts for AT&T
WorldNet Service subscribers. Before the end of the year, the bank will
serve all Internet users. In addition to money market accounts, Atlanta
Internet Bank's initial products include interest-bearing checking
accounts, direct deposit, electronic bill payment, account transfer
capability and ATM cards. In the near future, the bank also plans to
offer loan products, brokerage services, IRA accounts and credit and
debits cards.
Carolina First's alliance with Atlanta Internet Bank follows its
investment in Affinity Technology Group, Inc., a developer of consumer-
friendly automation for the consumer finance industry, which was
announced earlier this year. Carolina First Bank serves as the beta
test site for Affinity's automated loan machines. Carolina First owns
approximately 6 million shares of Affinity's common stock, principally
in the form of warrants. Affinity completed its initial public offering
in April 1996.
Mr. Whittle continued, "Similar to our investment in Affinity, Atlanta
Internet Bank is another example of our strategy to seek and develop
creative new banking technologies. In both cases, Carolina First has
participated both as a bank offering the product and as an investor in
the entrepreneurial company. We are pleased with our plans to partner
with Atlanta Internet Bank and the benefits for customers from this
on-line banking service."
Carolina First Corporation, headquartered in Greenville, South Carolina,
is one of the largest independent bank holding companies in South
Carolina with 55 banking offices throughout the state. Its three
subsidiaries are Carolina First Bank (CFB), a state-chartered commercial
bank, Carolina First Mortgage Company (CFMC), a mortgage banking
operation, and Blue Ridge Finance Company, an automobile finance
company. CFB is the largest South Carolina- based commercial bank, and
CFMC is the second largest mortgage loan servicer in South Carolina.
Through its subsidiaries, Carolina First provides a full range of
banking services, including mortgage, trust and investment services,
designed to meet substantially all of the financial needs of its
customers.
Carolina First's common stock trades on the Nasdaq National Market under
the symbol CAFC. Market makers include J.C. Bradford & Co., Fox-Pitt,
Kelton, Inc., Interstate/Johnson Lane, Morgan Keegan & Company, Inc.,
The Robinson- Humphrey Company, Inc., Sterne Agee & Leach, and Wheat
First Butcher & Singer.
SOURCE Carolina First Corporation
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