NTBK - keep them coming
Net.B@nk, Inc. to Present at Raymond
James & Associates, Inc. 19th Annual
Institutional Investors Conference
PR Newswire - March 03, 1999 09:45
ORLANDO, Fla., March 3 /PRNewswire/ -- (Raymond James & Associates
20th Annual Institutional Investors Conference) -- Net.B@nk, Inc. (Nasdaq:
NTBK), headquartered in Atlanta, Georgia, is a financial services company
whose sole subsidiary -- Net.B@nk(TM) (www.netbank.com) -- is the
largest federally- insured bank operating exclusively on the Internet. The
Company's mission is to profitably provide a broad range of banking and
financial services to the growing number of Internet users. Net.B@nk's
low-cost, branchless business model has allowed the Bank to attain
profitability within a year of acquiring its bank charter, while continuing to
pass along operating cost savings to customers in the form of attractive
interest rates and low fees. For the year ended December 31, 1998, the
Company recorded a $.22 per share net income before extraordinary items
compared to a ($1.66) loss per share a year ago. The Company went public in
July 1997, completed its second offering of stock on February 5, 1999, raising
$105 million, and is currently traded publicly under the ticker symbol NTBK
on the Nasdaq National Market, with 8.6 million shares outstanding.
The Net.B@nk presentation includes a summary of the Internet Financial
Services industry and market, an overview of Net.B@nk's business model
and operational structure, a financial review, and a discussion on how
Net.B@nk plans to grow the bank aggressively in 1999.
Net.B@nk offers a broad array of products and services that customers
would typically expect from a traditional bank, including high-interest checking
and money market accounts, certificates of deposit, electronic bill paying,
ATM and debit cards, credit cards, mortgage loans, business equipment
leases and securities brokerage services. New products and services under
consideration for roll-out over the next several quarters include home equity
loans and home equity lines of credit, insurance, electronic bill presentment,
and consolidated account statements.
By offering a full line of traditional and new financial services via the Internet,
Net.B@nk is positioned to capitalize on the Internet's rapid growth.
According to industry reports, the number of on-line banking households in the
United States is projected to grow from an estimated 4.5 million in 1997 to an
estimated 17.1 million in 2002. Other demographic reports indicate that
Internet users tend to be young, mobile professionals with relatively high
incomes.
Net.B@nk is ideally positioned to participate in the rapid growth of the
Internet and online banking based on its: attractive interest rates and low fees,
convenient services that are accessible regardless of where the customer is
located or the time of day, broad selection of products and services, high-
quality customer service, and advanced security designed to prevent fraud
and promote consumer confidence.
During the 12 months ended December 31, 1998, the Bank's customers grew
266%, while deposits increased by almost five-fold to $283.6 million and
assets quadrupled to $388.4 million. Total assets as of February 15, 1999, are
over one-half billion dollars and number of accounts are more than 20,000.
SOURCE Net.B@nk, Inc.
/CONTACT: Eve McDowell, Director of Marketing, Net.B@nk, Inc.,
770-753-1414/
/Web site: netbank.com
(NTBK)
|
