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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: Frost Byte who wrote (68769)	4/14/1999 1:22:00 PM
From: SKARLOEY	Read Replies (1) \| Respond to of 119973

SVRN: Internet craze spreads to banks First Sierra soars 35% after initiative By Debra McGarry, CBS MarketWatch Last Update: 12:30 PM ET Apr 14, 1999 NewsWatch HOUSTON (CBS.MW) -- The Internet craze spread into banking this week as companies such as Houston-based First Sierra Financial and Florida Bank announced online plans and saw their shares soar. First Sierra Financial (FSFH: news, msgs) shares vaulted 33 percent Wednesday after the specialty financial company announced plans to set up the Internet's first business-to-business Internet bank, with a focus on small businesses. FSFH NASD Last Chg. 24 1/2 +5 3/4 % Chg. Vol. +30.67% 1,750,600 Day Lo. Day Hi. 21 3/8 30 1/8 Open Prev. 28 18 3/4 As of Apr 14/99 1:19 pm ET Last Trade Apr 14/99 12:52 pm ET 15 MIN. DELAY "By establishing an Internet-based bank, we can diversify our funding sources, lower our all-in cost of funds, and further the e-commerce strategy that is central to First Sierra's continued success," said First Sierra's chief executive officer Thomas Depping. see press release. Also expecting to profit from online banking initiatives and instead targeting customers is Sovereign Bancorp (SVRN: news, msgs), which saw its shares gain 6.8 percent on volume of 30 million shares in afternoon trading. Sovereign announced plans to form a separate Internet bank during the second half of 1999, which the company noted would not result in any material diluted earnings in 1999.