Sanjay,
RE:"3,000 accounts per month"
The last # posted in the newswire was 2,000 a week and that was in late April. the new account rate on increase has been growing exponentially and far exceeding the expectations of even management.
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From PR Newswire Apr 6, 1999:
netbank.com), the largest FDIC-insured bank operating solely on the Internet, announced today that it opened a record 8,000 new accounts during the company's first quarter this year, which ended March 31, 1999. Officials at the bank credit this growth to their new advertising campaign, which highlights the bank's outstanding deposit rates, free checking and free unlimited online bill payment services.
''Our goal was to sign accounts at a rate of 2,000 per month by the end of 1999,'' said D.R. Grimes, CEO of Net.B@nk. ''We have greatly surpassed this goal thanks in large part to our new advertising
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PR Newswire Apr 12:
Net.B@nk, Inc. (Nasdaq: NTBK - news), is the first profitable Internet-only bank in the country, having achieved profitability in the second, third and fourth quarters of 1998. With almost 25,000 accounts and customers in all 50 United States and 20 foreign countries, Net.B@nk, Member FDIC (www.netbank.com), is the largest FDIC-insured bank operating solely on the Internet.
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SARASOTA, Fla., April 12 /PRNewswire/ -- Net.B@nk (Nasdaq: NTBK - news) Chief Executive and Vice Chairman D.R. Grimes told StockHouse.com in a featured interview that depositor growth at the country's largest federally insured Internet banking company is growing 51% faster than earlier company and analyst estimates. He told StockHouse.com, ''Well, at the pace we're going now, it'll be about, you know, 55,000.''
When pressed on justifying this new estimate, Mr. Grimes explained, ''If I added 3,300 accounts last month, right? I've got nine more months left this year, right? So if you do the math, that'd be 29,000. And I'm sitting at a little over 24,000. So, maybe 53,000. I'm just giving you a rough number ... I'm simply saying that if we continue to grow at the rate we grew last month, we're looking at an obviously much bigger number. So even if you took those numbers and added them together, you would still be looking at a number much above the 35,000 that we had been projecting.'' Later, Mr. Grimes again confirmed that the pace of depositor growth was running at ''18,000 more than the 35,000 projection.''
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ATLANTA, April 22 /PRNewswire/ -- Net.B@nk, Inc. (Nasdaq: NTBK - news), the holding company for Net.B@nk (http://www.netbank.com), Member FDIC, the first profitable Internet-only bank,
D.R. Grimes, CEO of Net.B@nk, indicated in his remarks prepared for shareholders, ''The first quarter financial results are in line with earlier analysts' expectations despite increased marketing expenses related to the introduction of a major marketing campaign begun in the quarter to attract traditional checking and money market customers. The success of the marketing campaign has far exceeded our expectations. Total accounts of 27,000 through today represent more than a 50 percent increase since the first of this year.
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Atlanta/ May, 7/ PR newswire:
Net.B@nk(TM) (http://www.netbank.com), member FDIC, the Company's sole subsidiary, provides a broad array of banking and financial services over the internet, including checking and money market accounts, certificates of deposit, electronic bill payment, debit cards, mortgage loans, business equipment leases and securities brokerage services. As of April 30, 1999, Net.B@nk had over 29,000 customer accounts.
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From April 12 till April 30 the count went from 24,000 to 29,000. That looks like 2,500 per WEEK to me.
"growing 51% faster than earlier company and analyst estimates"
To analyze the #'s: If the count April 27 was 27,000 and "a little over 50% increase from the beginning of the year, then I figure they started the year with around 12,500 accounts. Adding 8,000 accounts during the first quarter gives you 20,500 accounts as of the end of March. By April 12, the # of Accounts stook @ "a little over 24,000. By the end of April, the count was 29,000 and climbing.
We could be looking at as much as 10,000 new accounts per month by now. We did 9,000 in April.
I like it!
BT
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