Clarity Bank

March 2000

private

· launched in March

· offering 5.9% promotional rate, and

· $9/month maximum ATM surcharge rebates

NEW

Cornerstone Federal Bank

June 2000

private

· hopes to differentiate itself with Web-enabled call center

· received charter approval in late 1999

· in the process of raising $7 million in capital

· the bank’s holding company, Cornerstone Capital Group, will also operate Harris Financial Group, a 7-year-old mortgage lender

· Fiserv will provide core processing

· Terry Harris is CEO of the Troy, MI, startup

eBank

June 1998

public (EBDC)

market cap ($6.8 million, 4/11/00) drops closer to the value of its domain name

NEW

iBank.com

TBD

acquired by Virtrue Capital Corporation

iBank.com, which had been operated as a single-branch division in Minnesota’s Mall of America (MN) by Fidelity Federal Bank FSB (Glendale, CA; $2.7 billion), was sold to Virtrue Capital Corporation; pending regulatory approval they expect to launch as a Net-only bank later this year .

National Interbank

announced it would aggregate competitor’s statements (AKA screenscraping) using Tekportal from Teknowledge Corp. (see also NetBank).

NetBank

Oct. 1996

public (NTBK)

· announced it would aggregate competitor’s statements (AKA screenscraping) using Tekportal from Teknowledge Corp.

· announced a sweeping customer care program dubbed NetCare

NEW

myBankUSA.com

ina

division of First Savings Bank, FSB

cleverly branded Web site from Texas community bank First Savings Bank, FSB (Arlington, TX; $295 million)

NextCard

Dec. 1997

public (NXCD)

announced a bill payment and aggregation service through PayTrust (which has filed to go public).

NEW

PointPathBank.com

Summer 2000

Synovus

· joint development project between Synovus and iXL

· through an arrangement with theknot.com and others, plans to target the 2.5 million couples currently becoming engaged each year;

· Lisa White is CEO of pointpathbank.com

Principal Bank

Feb. 1998

The Principal

reported customer totals of 30,000

NEW

StoneBridgeBank

March 1999

private

Although, we probably wouldn’t have classified StoneBridgeBank as a Net-only by looking at its Web site, its CEO emailed us to explain that its strategy is very much Net-oriented; the company bills itself as the “local Internet bank” for the Delaware Valley (Exton, PA); it originally launched in March 1999 as Community Bank of Chester County, but recently changed its name as of 12/31/99 the bank had assets of $35 million and deposits of $20 million (25% in accounts greater than $100,000); and 18 employees (FTE).

Virtual Bank

Apr. 17, 2000

private

The bank launched on April 17, 11 days later than planned.

X.com

Dec. 1999

private

· closed merger with PayPal at the end of March

· closed $100 million second round on April 5

· passed the 1 million user mark in early April (1.1. million on April 5)

· acquisition of First Western Bank expected to close in second quarter

· began delivering account data via Yahoo! in early March

· announced partnership with eGroups to facilitate email payments among its 15 million users who send 2 billion messages per month

· climbed to the number 173 overall spot on the Web in March with 2.5 million unique visitors (not including PayPal’s 2.7 million) (Source: PC Data)

· surpassed 20% penetration rate of eBay lots in early April