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Non-Tech : USAB - USABancShares.com -- Ignore unavailable to you. Want to Upgrade?

To: Kevin McKenzie who wrote (751)	4/26/1999 6:07:00 PM
From: VeloSpeed	Read Replies (1) \| Respond to of 2419

<<<I wonder if the logos on USAB's PlanetCredit page are an indication of companies that will soon have agreements with USAB, or if they're just wishful thinking? CDNow, Amazon, Ebay, Borders.com, ftd.com>>> No wishful thinking... Deals are in the works, some good as done. More news to come soon, can't wait to see what else they pull out of the magic hat. cdenergy.com -VeloSpeed btw, gotta love that eBay, 'eh? I told y'all! ****************************************************************** Friday April 23, 2:52 pm Eastern Time Company Press Release Online Auction for Sale of Certificates of Deposit to Begin at USABanc.com "CDenergy": from now on, depositors will set their own rates PHILADELPHIA--(BUSINESS WIRE)--April 23, 1999-- Introducing a concept new to the banking industry, USABanc.com announced its plans for ''CDenergy'', it's online auction application for the sale of FDIC insured certificates of deposit (CD's). CDenergy will complement the site's preexisting sales of standard CD products, and will be accessible both at www.USABanc.com and www.CDenergy.com with the first weekly auction scheduled to begin Monday, May 3, 1999. ''Rather than banks dictating what rates should be . . . online customers will now be able set rates themselves through competitive bidding. The auction process is already incredibly successful on the internet, and its time that our industry encourages the same pricing efficiency for banking products,'' stated Kenneth L. Tepper, President and CEO of USABancShares. CD's sold will be offered through USABancShares' wholly owned FDIC insured banking subsidiary. ''CDenergy will help level the playing field between banks and depositors,'' he concluded. ''While our focus for generating site traffic remains with content quality and the evolution of our interface, CDenergy shows that we are going to push hard to get innovative banking products onto the internet,'' added Daniel Taylor, Director of the company's Electric Banking Division. Online customers will enter a ''reverse bidding'' process, wherein a ceiling interest rate for each term offered will be provided and consecutive bids will thereafter indicate each bidders minimum acceptable rate. The next 100 bidders who would like to match the winning bid will be offered a CD at the winning rate. Winners will be allowed to select the amount of their CD in a range of $1,000 - $10,000. 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 wholly owned brokerage firm, USACapital, is engaged in the sale of securities and related financial advisory services. Its Electric Banking Division is responsible for the ongoing development and implementation of the USABanc.com financial services platform.