(PR NEWSWIRE) Net.B@nk(TM) Rolls Out New State-of-the-Art Loan Center
Net.B@nk(TM) Rolls Out New State-of-the-Art Loan Center
Nation's Largest Internet Bank Teams Up With PNC Bank To Bring
Home Equity Lines and Loans To Market Faster, Easier and at Less Cost
ATLANTA Sept. 16 /PRNewswire/ -- Net.B@nk(TM), Member FDIC (Nasdaq: NTBK),
the nation's largest Internet bank, is revolutionizing the online lending
business with innovations designed to make applying for, and receiving, home
equity lines and loans over the Internet quicker, easier and less expensive.
Net.B@nk's new loan center, launching today and located at
netbank.com, features a "30/7" lending process, where applicants
receive an answer within 30 seconds and if approved, their money within as few
as 7 days, announced CEO D.R. Grimes.
"We've created an unparalleled online lending solution," said Grimes.
"Our instant online approval process with seven-day closings takes the hassle
out of getting a loan. In addition, we're applying the same cost benefits
model we use with our deposit products to our loan area. Because Net.B@nk
doesn't have a large brick-and-mortar branch network, we can pass significant
savings on to consumers in the form of less costly loans. There are no
application fees, no closing costs, and no annual fees for our equity lines of
credit and home equity loans."
This initiative comes on the heels of Net.B@nk's recent alliance with PNC
Bank Corp. (NYSE: PNC), one of the nation's largest financial services
institutions, which will provide loan processing and servicing for Net.B@nk's
new consumer loan products. "PNC's unique processing and national loan
fulfillment capability make it a clear "best-of-class" E-Enabler for consumer
lending, offering a superior value proposition for consumers nationwide," said
James DeFoggia, vice president of consumer lending at PNC.
Net.B@nk's new consumer lending service complements the bank's existing
online mortgage business, which in its first year has already provided more
than $356 million in home mortgage financing.
PNC Bank Corp. (NYSE: PNC) (http://www.pncbank.com), headquartered in
Pittsburgh, is one of the largest diversified financial services organizations
in the United States. Its major businesses include Regional Community
Banking, Corporate Banking, Private Banking, Mortgage Banking, Secured
Finance, Asset Management and Mutual Fund Servicing.
Net.B@nk, Inc. (Nasdaq: NTBK), is a financial services company whose sole
subsidiary, Net.B@nk, Member FDIC, is the first profitable pure Internet bank
in the country, having achieved profitability in the past five successive
quarters. The Company's stock was the top-performing thrift stock in 1998.
With more than 46,000 accounts and customers in all 50 United States and 20
foreign countries, Net.B@nk is the largest FDIC-insured bank operating solely
on the Internet. In addition to free checking and money market accounts and
certificates of deposits with exceptional interest rates, Net.B@nk offers its
customers the ultimate convenience in banking. Products and services include
free online account access, free unlimited online bill payment, free checks,
free unlimited ATM use, VISA(R) Check Card, VISA(R) and MasterCard(R) credit
cards, online brokerage services, mortgage lending, home equity lines and
loans, and business equipment leasing services. For more information on
Net.B@nk, its products and services, visit the web site at
netbank.com, or call 888-256-6932.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release regarding Net.B@nk's business which
are not historical facts are "forward-looking statements" that involve risks
and uncertainties. For a discussion of such risks and uncertainties, which
could cause actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the Company's Annual Report
or Form 10-K for the most recently ended fiscal year.
SOURCE Net.B@nk, Inc.
-0- 09/16/1999
/CONTACT: Andrea Thabit or Sean F. Cassidy of Dan Klores Associates,
Inc., 212-685-4300 for Net.B@nk, Inc.; or Maureen Brown of PNC Bank Corp.,
412-768-2752/
/Web site: netbank.com
(NTBK PNC)
CO: Net.B@nk, Inc.; PNC Bank Corp.
ST: Georgia, Pennsylvania
IN: FIN MLM
SU: PDT JVN
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