| Net.B@nk, Inc. | |||
| (www.atlantabank.com) | |||
| Ticker: | NTBK | 7000 Peachtree Dunwoody Road, Building 10, Suite 300 | |
| Exchange: | NASDAQ-National Market | Atlanta, GA 30328 | |
| Industry: | High-Tech (SIC Code 6712) | (770) 392-4990 | |
| Type of Shares: | Common Shares | Filing Date: | 3/21/97 | |
| U.S. Shares: | 3,500,000 | Offer Date: | 7/28/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 3,500,000 | Offer Price: | $12.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.84 | |
| Offering Amount: | $38,500,000 | Selling: | $0.50 | |
| Expenses: | $500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 5,645,562 |
| Manager | Tier | Phone |
| Morgan Keegan & Company, Incorporated | Lead Manager | (901) 529-5357 |
| Interstate/Johnson Lane Corp | Co-manager | (404) 840-5030 |
| Issuer's Law Firm: | Powell, Goldstein, Frazer & Murphy |
| Bank's Law Firm: | King & Spalding |
| Auditor: | Deloitte & Touche |
Dollar amounts in U.S. millions except for per share data | |||||
| 10 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $0.07 | Assets: | $1.25 | ||
| Net Income: | -$3.84 | Curr Assets: | |||
| EPS: | -$1.47 | Liabilities: | $1.63 | ||
| Prior EPS: | -$0.95 | Curr Liabilities: | |||
| Cash Flow/Oper: | Equity: | -$0.39 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company owns and operates an Atlanta based Internet bank, an FDIC insured federal stock bank that provides convenient, cost effective and secure banking services to consumers using the Internet. Customers can access the Bank on a seven-day-a-week, 24-hour-a-day basis from any personal computer, wherever located, by means of a secure Web browser or by ATM, telephone or U.S. mail. The company has assembled a management team with experience in both banking and technology to implement its strategy to become a leading provider of financial services through the Internet. The Bank commenced operations in October 1996. As of March 18, 1997, the Bank had approximately 1,750 accounts and approximately $42.0 million in deposits. The company's objectives is to offer a broad range of banking and financial service products through the Internet and alternative delivery channels. Customer convenience and operating efficiency are two key components of the company's strategy. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to contribute to the bank, fund a portion of the purchase price for the outstanding capital stock of Premier Bank, reimburse certain organizational expenses, for working capital and for general corporate purposes. |