Investors looking for a pure retail Internet banking play will have one if Atlanta Internet Bank goes through with its planned IPO. Security First Network Bank, the other publicly traded Internet banking company is more of a technology company than a financial institution.

Atlanta Internet Bank, which opened for business last October, filed for its IPO in March. The parent company is named Net.B@nk Inc and will trade under the symbol . The 3.0 million share offering carries an estimated price range of $10-$12/share. After the IPO, 5.6 million shares will be outstanding for an indicated market value of $56 to $67 million. Not bad for a bank with 1,750 accounts and $42 million in deposits as of March 18.

Net.B@nk reported revenue of $68,000 in 1996 incurring a net loss of $3.84 million. The company plans to use $25 million of the expected $30.2 million in IPO proceeds for basic capital; $2.2 million to fund the recent purchase of Premier Bank; $2 million for previously provided vendor services; and the remaining $1 million for working capital.

Carolina First Bank (Greenville, SC; $1.4 billion), the current owner of the Internet bank, will receive a 23.5% stake in the new company, on paper worth $13 to $16 million. A nice gain on the $914,000 invested so far in the operation of its Internet division. Also, Carolina First expects to contribute another $1.3 million in operating funds prior to July 31. Net.B@nk management will retain a 36% stake. Lead underwriter is Memphis, TN-based Morgan Keegan <www.morgankeegan.com>