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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Francis Muir who wrote (10247)	12/29/1999 9:26:00 AM
From: Dorine Essey	Respond to of 13953

Telebanc Shareholders Vote toApprove ETRADE-Telebanc Merger December 29, 1999 09:01 AM MENLO PARK, Calif.--(BUSINESS WIRE)--Dec. 29, 1999 --ETRADE(R) Group Inc. EGRP , a global leader in online investing services, and Telebanc Financial Corp. TBFC , the holding company of Telebank, the nation's leading and fastest growing pure-play Internet bank, today announced that Telebanc has received shareholder approval of the proposed merger agreement with ETRADE. At a special meeting of shareholders today, the merger agreement was approved by over 99.5 percent of voting shareholders. ETRADE and Telebanc are committed to closing the transaction as quickly as possible after receiving final regulatory approval. On Dec. 17, 1999, the Office of Thrift Supervision deemed ETRADE's application to acquire Telebanc complete, an important step in receiving final approval. "Receiving our shareholders' approval means we've passed one more major benchmark in completing this merger. We continue to focus on working with ETRADE and the regulators to accomplish the last step, which is to gain final regulatory approval as soon as possible," said Mitchell H. Caplan, president and chief executive officer of Telebanc. "Once the merger closes, we can move fast to build the preeminent online financial hub for consumers." "We are extremely pleased that Telebanc's shareholders have approved the proposed merger between our two companies," said Christos M. Cotsakos, chairman and chief executive officer of ETRADE Group Inc. "With Telebanc's shareholders overwhelmingly behind the merger, we will be open and ready for business as the planet's leading all electronic financial services company. All we need now is the final regulatory approval." This strategic merger, announced in June, is expected to create a distinctive, powerful online financial hub for consumers, minimizing the need for multiple financial relationships. With the integration of Telebanc's Internet-based, FDIC-insured cash management account that provides exceptional consumer value and convenience, ETRADE will be able to further extend its customer acquisition strategy while creating greater "stickiness" by further diversifying its full range of financial products and services.