| Ticker: SFNB | 300 Virginia Avenue | |
| Exchange: NASDAQ-National Market | Pineville, Kentucky 40977 | |
| Industry: Financial | (606) 337-7011 |
| Type of Shares: | Common Shares | Filing Date: | 5/3/96 | |
| U.S. Shares: | 2,440,000 | Offer Date: | 5/23/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $15.00 - $17.00 | |
| Primary Shares: | 2,440,000 | Offer Price: | $20.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.80 | |
| Offering Amount: | $39,040,000 | Selling: | $0.16 | |
| Expenses: | $645,000 | Reallowance: | ||
| Shares Out After: | 7,726,792 | |||
| Spin out parent firm: | Cardinal Bancshares, Inc. | |||
| Manager | Tier | Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9500 |
| Auditor: KPMG Peat Marwick | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $2.03 | $0.24 | $0.76 | Assets: | $44.59 |
| Net Income: | -$1.48 | -$0.68 | $0.06 | Liabilities: | $41.84 |
| EPS: | -$0.16 | -$0.07 | $0.01 | Equity: | $2.75 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a federal savings bank and is the first FDIC-insured financial institution to execute traditional banking services over the Internet. In the Spin-Off, SFNB is acquiring Five Paces, a provider of Internet financial services delivery systems. Additionally, SFNB has entered into an agreement to acquire SecureWare, Inc. as promptly as possible following the Offering, subject to various conditions. SecureWare, an affiliate of Five Paces, is a provider of computer network security solutions. Five Paces is the software company that developed the "Virtual Bank Manager" software used by SGNB to offer its Internet banking services. Virtual Bank Manager is the first product in the "Virtual Financial Manager" suite of software products which operate on the "Secure Web Platform" originally developed by SecureWare for the U.S. Department of Defense. Virtual Financing manager is being designed to allow consumers remote access to all aspects of their balance sheet via the Internet or a dial-up connection to their financial institution. |
| Use of Proceeds |
| Proceeds from the offering will be used for general corporate purposes, including working capital. Initially, approximately $5 million will be invested in Five Paces for further development, marketing and support of the Virtual Financial Manager suite. |
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