Company Press Release
Atlantic Bank Teams With Andersen Consulting, Security First
Technologies and Marshall & Ilsley Corporation To Design and Implement
Its Internet Banking Solution
BOSTON--(BUSINESS WIRE)--June 23, 1999--Atlantic Bank and Trust Company (Nasdaq:ATLB - news) announced today that it will work with Andersen
Consulting, Security First Technologies (Nasdaq:SONE - news) and the M&I Data Services division of Marshall & Ilsley Corporation (Nasdaq:MRIS - news)
for the design and implementation of its Internet banking solution. It is anticipated that Andersen Consulting, which has helped Atlantic Bank develop its Internet
strategy, will continue to provide strategic and technological guidance as well as support for the implementation of Atlantic Bank's strategy.
Atlantic Bank will utilize Security First Technologies' Virtual Financial Manager (VFM) software to power its Internet banking solution. In addition, Security First
Technologies will facilitate the solution's front-end transactions through the Security First Technologies' Data Center. Atlantic Bank has engaged M&I to provide a
broad business process outsourcing solution that includes deposit and loan services, credit card services, back-end transaction processing, and a customer call
center to support its Internet-banking products.
''Andersen Consulting has been providing the strategic guidance that we believe will enable us to build a powerful online banking and financial services capability
that is consistent with our overall focus on generating high-yielding assets and funding our activities with deposits gathered without a traditional branch network,''
said Nicholas W. Lazares, Chairman of Atlantic Bank. ''We are excited about the opportunity to continue to work with Andersen Consulting to make the strategy
a reality through the introduction of our Internet banking solution.''
Richard Wayne, President of Atlantic Bank, noted, ''Our decision to utilize Security First Technologies' VFM software and Data Center, together with M&I's
broad based operational support solution and transaction processing capabilities, is intended to provide us with a powerful e-commerce solution to address our
customers' rapidly changing online financial services needs. By utilizing the resources from these three leading companies -- Andersen Consulting, Security First
Technologies and M&I -- we believe we have assembled a first rate team to engineer our Internet-banking solution for our customers.''
Atlantic Bank will initially utilize Security First Technologies' VFM Banking solution, which gives end users access to multiple accounts 24 hours a day, seven days
a week. In addition, end users will be able to transfer funds between accounts, pay bills electronically, view statements and registers, open demand deposit,
savings and money market accounts, and purchase certificates of deposit.
Over the longer term, Security First Technologies' VFM Investments and VFM Relationship Management applications will enable Atlantic Bank to offer its
customers a complete, integrated view of their personal finances and become a true financial portal. VFM Investments will give Atlantic Bank's customers the
ability to manage brokerage accounts, buy and sell stock, effectuate mutual fund transactions, view portfolio positions and other brokerage functions. VFM
Relationship Manager will provide customer relationship management through targeted, one-to-one marketing capabilities and a personalized, Internet-based
portal where Atlantic Bank's customers can view their financial data and other personalized content.
Atlantic Bank has signed a five-year Data Center contract with Security First Technologies for front-end transaction processing and a five-year contract with M&I
for back-end transaction processing and operational support. By outsourcing these capabilities, Atlantic Bank believes it is using the most sophisticated technology
available today. These relationships should allow Atlantic Bank to improve its time to market with new products and services and better serve its customers.
The initial phase of Atlantic Bank's web site is scheduled to launch by the end of the third quarter of 1999. In connection with the implementation of its Internet
banking strategy, Atlantic Bank expects to incur significant expenses for consulting fees, technology expenses, service fees and related matters, which are currently
estimated to be approximately $3.6 million for 1999. Atlantic Bank has incurred or will incur approximately $1.0 million of these expenses in the quarter ended
June 30, 1999.
About Atlantic Bank
Atlantic Bank is a Massachusetts-chartered trust company which operates as a commercial bank. We focus on purchasing and managing commercial real estate
loans and purchasing, originating and managing leases to finance equipment for small businesses and individuals. We concentrate on business lines intended to
produce high-yielding assets, and fund these business lines by utilizing a deposit gathering platform without a traditional branch infrastructure. We conduct our
business from our main offices in downtown Boston, a branch in Chestnut Hill, Massachusetts and through our leasing subsidiary in Moberly, Missouri.
About Andersen Consulting
Andersen Consulting is an $8.3 billion global management and technology consulting organization whose mission is to help its clients change to be more successful.
The organization works with clients from a wide range of industries to link their people, process and technologies to their strategies. Andersen Consulting has
approximately 65,000 people in 48 countries. Its home page address is ac.com
About Security First Technologies
Security First Technologies or S1 (NASDAQ:SONE - news) builds, delivers and operates integrated, transactional and brandable Internet applications for
financial institutions. Security First Technologies' secure solutions are available for in-house implementations or can be outsourced to the Security First
Technologies Data Center. Security First Technologies also offers training, product integration and advanced recovery services. Security First Technologies,
through direct sales and channel partnerships, has agreed to provide software applications and technology to more than 100 financial entities. Security First
Technologies can be reached at www.S1.com.
On May 17, 1999, Security First Technologies announced agreements to acquire FICS Group, N.V. and Edify Corporation in separate transactions valued at
approximately $1.5 billion. The transactions, which are subject to various conditions and approvals, are expected to position Security First Technologies as the
preeminent provider of financial portal solutions to the financial services industry.
About M&I Data Services
M&I Data Services is a provider of leading-edge technology solutions to the financial industry. Headquartered in Milwaukee, Wisconsin, it offers consulting,
software, and business process outsourcing solutions for financial institutions worldwide. The company's rapid growth is being fueled by innovative product
development, strategic product acquisitions and strong growth of its customer relationships. M&I Data Services is a division of Marshall & Ilsley Corporation
(NASDAQ:MRIS - news), a $22 billion holding company. For more information, visit the M&I Data Services Web site at www.midata.com.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995 that involve risk and uncertainties. Atlantic Bank's actual results could differ materially from such forward-looking statements. Factors which could cause
such difference include Atlantic Bank's ability to successfully acquire loans at the same volumes and the same yields as it has historically, the level of Atlantic
Bank's non-performing assets, changes in interest rates that adversely affect Atlantic Bank's business, Atlantic Bank's ability to successfully conduct our leasing
business, Atlantic Bank's ability to successfully complete our Internet banking strategy and the continued growth in use and commercial viability of the Internet, as
well as those factors identified under the caption ''Risk Factors'' in Atlantic Bank's preliminary offering circular filed with the FDIC on Form 8-K on June 22,
1999.
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