AW..
NTBK and TBFC
TBFC filed for a 'follow-on' offering at about
the same time as NTBK..
Both companies need the $$ to grow the asset base
so I think the 'dilution' is being viewed favorably..
BTW..these two 'virtual banks' should be targeted
by CKFR as 'mini portals' for EBPP .. anyone pre-disposed
to do on-line banking with a 'virtual bank' would also
be pre-disposed to EBPP .. seems a natural fit to me ..
BWDIK <gg>
I'm trying to ignore the run-up here .. both of these
"banks" sport a very high Mcap/Assets ratio .. usually
20-30% for the 'best' banks .. not >100% as we have with
NTBK .. but then the asset growth rate has been phenomenal
to say the least .. You got a target in mind or holding
long-term ??
Jim in CT..
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Thursday February 11, 9:28 am Eastern Time
Company Press Release
TeleBanc Financial Files Registration
Statement for Follow-on Offering of
Common Stock
ARLINGTON, Va.--(BUSINESS WIRE)--Feb. 11,
1999--TeleBanc Financial Corp. (Nasdaq/NM:TBFC - news) announced today that it has filed a
Registration Statement with the Securities and Exchange Commission for a follow-on public offering
of up to $200 million of its common stock.
In addition, the underwriters will be granted an option to purchase up to 15% percent of the final
offering amount of additional shares of common stock from the company solely to cover
over-allotments, if any.
The shares are being offered through a group of underwriters led by Goldman, Sachs & Co.,
BancBoston Robertson Stephens, CIBC Oppenheimer and Legg Mason Wood Walker Inc. In
addition to the company, certain of the company's stockholders will sell shares in the offering.
TeleBanc Financial, through its wholly owned subsidiary TeleBank, member FDIC, is the nation's
leading Internet bank providing high- value products and services exclusively through the Internet
(www.telebankonline.com) and other electronic delivery channels.
The company has customers in all 50 states and a number of foreign countries. TeleBanc Financial is
the holding company of TeleBank, a federally chartered savings bank. At Dec. 31, 1998, TeleBanc
Financial had $2.3 billion in assets, $1.1 billion in deposits and over 50,000 customer accounts.
When available, a written prospectus relating to the offering may be obtained from Goldman, Sachs
& Co., 85 Broad St., New York, N.Y. 10004; BancBoston Robertson Stephens, 555 California
St., Suite 2600, San Francisco, Calif. 94104; CIBC Oppenheimer, 200 Liberty St., 39th Floor,
New York, N.Y. 10281; and Legg Mason Wood Walker Inc., 1747 Pennsylvania Ave., N.W.,
Washington, D.C. 20006.
A registration statement relating to these securities has been filed with the SEC but has not yet
become effective. These securities may not be sold nor may offers to buy be accepted prior to the
time the registration statement becomes effective. This news release shall not constitute an offer to
sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or jurisdiction.
Contact:
TeleBanc Financial Corp., Arlington
Todd MacKay, 703/247-3700, 703/524-0556 (fax)
EOM------------------------------------------------------------------ |
