Auggie..Tom
New player in I-Net Banking ... ATLB
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uesday April 6, 10:14 am Eastern Time
Company Press Release
Atlantic Bank To Enter On-Line
Banking Business
BOSTON--(BUSINESS WIRE)--April 6, 1999--Atlantic Bank
(NASDAQ:ATLB - news) has entered into an internet banking
services agreement with nFront(TM), Inc., and has begun the design and development of an on-line,
real time banking Web-site. It is anticipated that the site will be fully operational by late summer at
which time Atlantic Bank customers will have the ability to open accounts, obtain account
information and originate transactions 24 hours a day from virtually anywhere.
''Atlantic Bank is well positioned to enter the on-line banking business,'' said Nicholas Lazares,
Chairman of the Board of Atlantic Bank. ''We gather deposits from a national customer base
without the overhead associated with a large branch system. That is why we are able to offer deposit
products and rates that are competitive with those of other internet banks. We believe that internet
banking offers an exciting new distribution channel and complements our efforts to grow our
customer base.''
Richard Wayne, President of Atlantic Bank, noted ''Atlantic Bank has demonstrated the ability to
generate high yielding assets and add customers through its loan acquisition program and small ticket
equipment leasing activities. We expect that the addition of internet deposit gathering will provide a
valuable source of liquidity to fund these and other activities.''
Atlantic Bank anticipates that its internet banking services will include a comprehensive line of
personal and business deposit products, including certificates of deposit, checking, savings, money
market accounts, and an automated bill payment service which provides the ability to export account
information for use in Quicken(TM) and Microsoft Money(TM). Atlantic's leasing subsidiary,
Dolphin Capital, currently uses a proprietary internet-based lease origination program called
PowerLease(TM) to automatically process and credit-score lease applications from remote point of
sale locations.
Atlantic Bank is a Massachusetts chartered, FDIC insured trust company headquartered in Boston,
Massachusetts. Dolphin Capital conducts its national dealer-based equipment leasing business from
offices in Moberly, Missouri.
This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. As a result of a number of factors, including factors that Atlantic
Bank may not currently foresee, Atlantic Bank's actual results could differ materially from those set
forth in the forward-looking statements. Please refer to Atlantic Bank's periodic filings with the
Federal Deposit Insurance Corporation for a more complete discussion of these factors.
Contact:
Atlantic Bank
Nicholas W. Lazares
Chairman and
Co-Chief Executive Officer
617-880-1000
or
Richard Wayne
President and
Co-Chief Executive Officer
617-880-1000
EOM----------------------------------------------------------------
Now I need to da a little DD..
Let me know what you think
Jim in CT..
PS. biz.yahoo.com
This reads well !!! |
