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

To: Steven who wrote (394)	5/2/1998 9:08:00 AM
From: Les White	Read Replies (1) \| Respond to of 2414

Update on G&L Bank Seed capital investors came to the table much faster than expected. IPO date is being moved up. May be as early as August. Prospectus will be first to be written in plain language as required now by SEC. NCR rep was here on Wednesday. G&L ordered 17 ATM's with an interesting feature. They'll have commercial drop boxes for the business owners to drop their receipt bags into, login the deposit, and get a receipt. The ATM's contents will be FedExed daily to the nearest NCR site, audited, and checked against the login. These ATM's will be deployed in some of the most popular gay night clubs across the country. G&L picks up retail traffic and a commercial customer with one ATM. No rent and secure site. Very slick. The club owners love them. Some of these clubs are huge, up to 45k customers on a good weekend. SD says they'll cost about $25k each and can generate up to $5k per month revenues in a high traffic location. Sounds like a slot machine to me. Also, planning to launch with credit cards and car loans. Mortgages and equity credit lines soon to follow. The OTS (Office of Thrift Supervision) told Kay (CEO) about a nationwide network of real estate loan appraisers and closers. She's checking into this. If true it will be quite a valuable piece of infrastructure to tap into for mortgages and equity credit line offerings. Les