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Non-Tech : NetBank(NTBK)-formerly Atlanta Internet Bank

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To: Benny Baga who wrote (312)	4/18/1998 6:31:00 PM
From: Les White	Read Replies (2) of 2414

>>other internet banks coming?<< G&L Bank is one. Will be a pure internet bank niche marketing to the gay community. IPO scheduled for October 98. NCR is a big backer. They just inked a deal whereby NCR will provide all the hardware, software, maintenance, and support for about $400k. Will be using Edify electronic banking system, same as AIB. NCR's deal is pure spec., no money down, no recourse if it doesn't fly. They have also agreed to help promote the IPO. Offices will be complete on April 22. Pres. and CEO is Kay Griffeth, ex VP for Nations Bank in south Florida Region. ($400 mil region). They are going to launch with full service loan products: mortgages, credit cards, car loans, etc. I doubt G&L will be much direct competition to AIB like the other soon to come competitors. But the nice thing about G&L is that they will be pretty insulated from competition because there is no one directly soliciting the gay community for financial services and unlikely to be anyone so bold as G&L. There is a large population of gays online so they should have an immediate market to capture and hold. It's amazing how cheap it is to start up an internet bank compared to a traditional bank. It can be done for about 1mil. The regulatory hurdles are the biggest problem. If you can wade through the paperwork and survive the OTS scrutiny the rest appears to be relatively easy with the right management team. Les

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