Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : NetBank(NTBK)-formerly Atlanta Internet Bank -- Ignore unavailable to you. Want to Upgrade?

To: Benny Baga who wrote (312)	4/17/1998 4:48:00 PM
From: TLindt	Respond to of 2414

>>>I believe there are a few others, but I'm not sure. Benny I think there are 3 more scheduled to come out...but one is a subsidiary of something so they are not 'pure plays'. The rest hit later this year....by then this Button Bank sould be well established. Whereas their are 4 'seach engine' plays there is only '1' pure I-Bank that I am aware of. Thread correct me if I'm wrong....

To: Benny Baga who wrote (312)	4/17/1998 5:00:00 PM
From: Robert Gwizdz	Read Replies (1) \| Respond to of 2414

Benny: One other thing. Do clients of these sort of internet banks feel comfortable doing business over the line? Is the encryption technology up to par with todays hackers? These ?"s might sound naive, but enlighten me if you can. Robert

To: Benny Baga who wrote (312)	4/18/1998 6:31:00 PM
From: Les White	Read Replies (2) \| Respond to of 2414

>>other internet banks coming?<< G&L Bank is one. Will be a pure internet bank niche marketing to the gay community. IPO scheduled for October 98. NCR is a big backer. They just inked a deal whereby NCR will provide all the hardware, software, maintenance, and support for about $400k. Will be using Edify electronic banking system, same as AIB. NCR's deal is pure spec., no money down, no recourse if it doesn't fly. They have also agreed to help promote the IPO. Offices will be complete on April 22. Pres. and CEO is Kay Griffeth, ex VP for Nations Bank in south Florida Region. ($400 mil region). They are going to launch with full service loan products: mortgages, credit cards, car loans, etc. I doubt G&L will be much direct competition to AIB like the other soon to come competitors. But the nice thing about G&L is that they will be pretty insulated from competition because there is no one directly soliciting the gay community for financial services and unlikely to be anyone so bold as G&L. There is a large population of gays online so they should have an immediate market to capture and hold. It's amazing how cheap it is to start up an internet bank compared to a traditional bank. It can be done for about 1mil. The regulatory hurdles are the biggest problem. If you can wade through the paperwork and survive the OTS scrutiny the rest appears to be relatively easy with the right management team. Les