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Non-Tech : Sovereign Bancorp ( SVRN )

SVRN 1.100

+3.8%

Dec 31 3:58 PM EST

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To: Mr. Big who wrote (47)	4/13/1999 5:00:00 PM
From: Triffin	Read Replies (2) of 143

Mr Big .. We all have to be very careful with this I-net banking thing; It is going to be very important to differentiate between a traditional brick and mortar banks with several branches on a local or national level .. that starts to offer "internet banking services" to its customer base from the "true" branchless internet banks like NTBK and TBFC that will be competing for assets with the "old line brick and mortar banks" .. the only banks I want my $$$$ on are the ones following NTBK and TBFC's financial models .. Believe me the traditional banks will not compete with NTBK and TBFC on price at the expense of their existing customer base .. FWIW I view BKFR/SVRN/UNBC as "just" banks offering the convenience of internet enabled access and services and NTBK/TBFC and maybe ATLB/CWBC/FSFH as true branchless internet banks competing for assets by offering higher rates on CD's and Checking accounts that the brick and mortar guys can't and won't be matching .. In the short run .. we're just seeing the tip of the on-line banking ice-berg of forthcoming announcements .. just be careful what you buy .. Jim in CT ..

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