snerd ...
Remember that cheap bank you were looking for ???
USAB
2.23 mm shs
1.40 mm shs float
185 million in assets
21 million in MCAP
plus this
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Friday April 16, 9:30 am Eastern Time
Company Press Release
USABancShares Develops 'Next Wave'
Internet Banking Platform
USABanc.com is launched
PHILADELPHIA--(BUSINESS WIRE)--April 16, 1999-- Based upon Macromedia's innovative
''Flash'' technology (NASDAQ:''MACR''), and in conjunction with Electronic Data Systems
(NYSE:''EDS''), USABancShares (NASDAQ:''USAB'') today announced completion of its
proprietary internet banking platform, ''USABanc.com''.
Under development for 18 months, the site will allow real-time access to customer account
information and provide around the clock banking functions such as bill paying, CD purchases, and
loan processing.
The site will go live Monday at www.USABanc.com, with instant functionality for on-line CD
purchases through USABancShares' FDIC insured banking subsidiary and real-time stock quotes;
full transaction functionality is targeted for third quarter roll-out.
In cooperation with USABancShares' stock brokerage subsidiary, customers nationwide will also
purchase stocks and manage their portfolio directly on-line, while participating in IPO investment
opportunities.
USABanc.com is a fault tolerance, fire-wall protected Unix driven solution using the Apache www
server, and relies upon technology from Oracle server 8i, Macromedia's Flash, and Generator. Site
engineering was accomplished by USABancShares' Electric Banking Division on an in-house basis
using Apple Computer hardware (NASDAQ:''AAPL'') and Netscape 4.5.
''What we've done is dramatically different from anything else available,'' commented Kenneth L.
Tepper, President and CEO of USABancshares.
''USABanc.com was developed from the start in anticipation of greater bandwidth, and now that
this bandwidth is widely available, our site's audio/visual interface will attract users who demand not
only efficiency and convenience ... but entertainment as well.''
''Bill Gates had no idea what was coming when he said a few years ago that banks were dinosaurs.
Size is transparent on the web, and our FDIC deposit insurance -- something Gates will never have
-- is exactly the same as that of any major money center bank. We can compete electronically
anywhere, anytime based upon site quality rather than size, branch location ... or even pricing.''
Tepper added, ''The internet is a great equalizer that may eventually destroy any competitive
advantage that a large bank may have over a smaller one; in an industry noted for stringent
conservatism, imagination and creativity will carry a premium in the banking business from now on;
anyone clinging to traditional market share -- anywhere in America -- is at risk!''
Tepper believes that future success for internet banking will be based upon attracting customers with
constantly updated content and an engaging multimedia experience ... not merely 'conventional'
access to traditional banking functions. ''There's no doubt that we'll offer highly competitive products
and rates ... but we created USABanc.com with energy and vision to be simple to use, lightening
fast, and totally captivating. This is a compelling site that will continue to evolve into a completely
immersive experience as added bandwidth further integrates streaming video technology,'' he
concluded.
Daniel Taylor, Director of USABancShares' Electric Banking Division, was responsible for project
implementation; ''In today's on-line marketplace, your product is either outrageously cool or it's
dead on arrival; this site will rock the web!''
''We created a 'destination site' which will provide an in-depth electronic experience of sight and
sound ... as opposed to other existing financial services sites which are plagued with volumes of
meaningless text and poor navigation. Banking functions will be intuitive and incredibly easy to
perform so users aren't overwhelmed with complexity,'' Taylor assured.
Using the platform's 'Orbit' function, customers will be able to rely upon the site as a direct launching
point for access to other important on-line destinations such as retailers, news services, or travel
agencies. Via its 'Planet Credit' application, USABanc.com will also seek strategic alliances allowing
customers to link to selected on-line vendors after having received pre-approved credit for
acquisitions. ''Internet portals don't have to be limited to book sellers or search engines,'' Taylor
concluded.
Electronic Data Systems (EDS), a major e-commerce provider, was selected to provide a back-end
solution. Robert Smik, Director of Operations for USABancShares, commented, ''EDS provides a
proven and reliable bridge between their comprehensive banking application and the ability for our
customers to access account information -- in real time -- when, where and how they want it''. Paul
Duckham, the EDS executive in charge of the MISER division, shared in Smik's enthusiasm; ''We
are excited about working with USABancShares. Their aggressive approach to multiple delivery
channels is the direction we see the financial industry going''. EDS has been a leader in the global
information services industry for more than 35 years, with revenues of $16.9 billion in 1998.
USABancShares is a bank holding company regulated by the Federal Reserve Board; Its FDIC
insured banking subsidiary, BankPhiladelphia, is a Pennsylvania State Chartered Savings bank
engaged in both originating and acquiring commercial, consumer and residential loans. Its Electric
Banking Division is responsible for the ongoing development and implementation of the
USABanc.com financial services platform.
Forward Looking Statements
Some of the statements contained in this press release discuss future expectations, contain
preliminary unaudited results of operations and financial condition and state other ''forward looking''
information. Those statements are subject to know and unknown risks, uncertainties and other
factors that could cause the actual results to differ materially from those contemplated by the
statements. The forward-looking information is based on various factors and was derived using
numerous assumptions. Important factors that may cause actual results to differ from projections
include, for example: general economic conditions, including their impact on capital expenditures;
business conditions in the financial services industry; the regulatory environment; rapidly changing
technology and evolving banking industry standards; competitive factors, including increased
competition with community, regional and national financial institutions; new services and products
offered by competitors; and price pressures.
Contact:
USABancShares Inc., Philadelphia
Kenneth L. Tepper, President & CEO, 215/569-4200
or
Daniel Taylor, Director, Electric Banking Division,
215/569-4200
usabanc.com
or
Electronic Data Systems (EDS)
Thomas J. Mann, Division EVP, 301/604-5629
eds.com
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Jim in CT... |
