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Author: drnay Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 24252  
Subject: OLBs net income (loss) Date: 6/17/2001 12:14 AM
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I believe this may be interesting... I was looking for a good OLB
and compiled this table. Figures are from the FDIC website, from
quarterly reports, in thousands. 


cert#	Bank       	1Q01	4Q00	3Q00	2Q00	1Q00	url
35546	bofi       	(220)	(232)	(256)			www.bofi.com
28251	citibank	80,918 	64,930 	67,673 	74,575 	61,186 	www.citibankonline.com
34419	compubank	(2,853)	(7,186)	(8,710)	(7,133)	(2,996)	www.compubank.com
23296	directbanking	2,301 	2,165 	2,160 	2,862 	2,217 	www.directbanking.com
34682	ebank       	28 	(547)	(501)	(289)	(11)	www.ebank.com
17838	everbank	4,208 	1,151 	4,698 	3,147 	4,808 	www.everbank.com
34607	FIBI    	149 	(882)	(1,400)	(1,079)	(1,266)	www.firstib.com
32541	flagstar	12,068 	8,589 	10,252 	10,196 	5,007 	www.flagstar.com
34832	giantbank	(42)	(79)	(26)	(106)	37 	www.giantbank.com
35489	ING      	(11,811) (15,769) (3,634)		www.ingdirect.com
35449	lighthousebank	(751)	(885)	(890)	(1,143)		www.lighthousebank.com
32575	netbank      	733 	(993)	(210)	(489)	53 	www.netbank.com
19794	nexity       	(828)	(1,103)	(1,374)	(1,621)	(1,411)	www.nexitybank.com
34422	pcbanker	260 	205 	97 	86 	42 	www.pcbanker.com
32363	presidential	(566)	480 	172 	342 	193 	www.presidential.com
34617	sfb       	(6,952)	(6,959)	(3,022)	(6,401)	(2,177)	www.statefarmbank.com
35080	sfnb      	(6,762)	(5,424)	(13,503)(1,459)	(8,809)	www.sfnb.com
35077	stonebridge	52 	(235)	(425)	(570)	(793)	www.stonebridgebank.com
32569	umbrellabank	485 	3,452 	356 	685 	680 	www.umbrellabank.com
32188	USAA      	28,655 	29,705 	31,290 	23,651 	19,074 	www.usaa.com
27148	usabancshares	(359)	767 	279 	(750)	(1,453)	www.usabancshares.com
278	Usaccess   	479 	423 	615 	594 	520 	www.usaccessbank.com
35356	virtualbank   	8 	(655)	(703)	(483)		www.virtualbank.com
2270	zions    	34,289 	22,565 	30,705 	28,270 	22,874 	www.zionsbank.com
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Author: aditya Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8244 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 12:57 AM
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You have provided very interesting data. What is amazing is that ING is one of most losing money and it is still darling of many members of this group. It seems it is going to be the next compubank.
This explains why they put such a long hold on deposits i.e. they have liquidity and reserve problem.

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Author: conick Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8247 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 1:42 AM
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Thanks for the data. Excellent research!

What is amazing is that ING is one of most losing money and it is still darling of many members of this group. It seems it is going to be the next compubank.
Oh boy, here we go.


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Author: TheBoofingFool One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8248 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 2:03 AM
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>What is amazing is that ING is one of most losing money

Yes, how can this be, if it is a multibillion dollar corporation as stated earlier on this board?

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Author: Tbert900 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8254 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 6:17 AM
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drnay,
Very interesting numbers. I would have thought Presidential OLB would have better numbers, since they have been doing this since 1996.

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Author: hello3456 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8255 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 7:40 AM
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ING Groep N.V. is a global financial institution of Dutch origin which is active in the fields of banking, insurance and asset management in some 60 countries. For the fiscal year ended 12/31/00, total revenues rose 28% to EUR58.58 billion. Net income applicable to Common totaled EUR11.96 billion, up from EUR4.9 billion.

ING has a marketcap of $61.4 BILLION with nearly a BILLION shares outstanding. A recent share price of $62.30 and a P/E ratio (according to yahoo) of 5.77.



Thursday June 14, 11:03 am Eastern Time
Press Release
FEATURE/ING DIRECT Presents Seven Simple Ways to Save in Uncertain Times
WILMINGTON, Del.--(BUSINESS WIRE FEATURES)--June 14, 2001--The stock market is up, down and up again, the rate of corporate layoffs are increasing, the price of gas is going up, and then all of a sudden, the water heater springs a leak and junior needs braces.

``If you're like most working Americans, the routine costs of daily life are covered,' says Arkadi Kuhlmann, President and CEO of ING DIRECT. ``It's the unexpected expenses that catch a lot of people short, or trying to save for a goal, like a vacation. It's unfortunate that many Americans don't look after their own interests first when it comes to savings. We're making it easier with our simple, high-interest Orange Savings Account(TM), but there are simple ways to get ahead with savings.'

Kuhlmann offers these seven simple steps:

Spend less than you earn. ``It sounds simple, but too many Americans lack the discipline and willpower to do it,' he notes. ``If you can do this, everything else becomes a lot easier. If it doesn't come naturally, start by examining last year's checking accounts and credit card statements to see where the money went. Then make a budget to spend less in the future.' Also, always remember to pay yourself first. ``Put 10% of your take-home pay into a high-interest paying savings account and live on the rest. Finally, stay focused. Make a game of saving money with a goal to shoot for. You won't resent it when you reach your goal.'
Lower your current debt. ``There's a simple way to earn 18% or 20% tax-free, risk-free on your money - pay down your credit cards! And if you've got a high-interest credit card, transfer the balance to a lower-interest card and cut up the old one.'
Take advantage of an employer-offered retirement plan. ``This is free money, especially when an employer matches the employee contribution. Contributing $1, where the employer contributes 25 or 50 cents, is an immediate 25% or 50% return on your money. And it's risk free.'
Put your ``safe' money in Uncle Sam's hands. ``Put your short-term savings in a federally insured savings bank. Every sound portfolio should have safe, liquid investments. It's just not prudent to stick everything into risky investments.'
Put long-term money into long-term investments. ``Such as stocks, but only with money your won't need to touch for several years at least, and after you've paid off the credit cards and other loans.'
Don't invest in stuff you don't understand. ``It's easy to get caught up in the rush to invest in stocks when you hear other people talking about how much they made on this or that stock, but that's only because nobody brags about losing money. If you don't have the time to research your investments and if you like to sleep well at night, stick with what's safe and what you know.'
Don't gamble. ``It's your hard-earned money. If you can't afford to lose it, don't put your money in high-risk investments.'
Headquartered in Wilmington, DE, ING DIRECT is the operating name of ING Bank, fsb (Member FDIC), a federally chartered savings bank, and part of ING Group (NYSE:ING - news), one of the largest financial services institutions in the world. ING DIRECT has more than 150,000 customers and more than $1.5 billion in assets as of April 30, 2001.


I sometimes get tired of people refering to ING as some kind of fly-by-night or flash-in-the-pan firm when the opposite is true.

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Author: SeattleNative Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8257 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 9:27 AM
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According to the figures you have compiled in this table, the four banks with the largest losses in the past two quarters (4Q2000 and 1Q2001) are:

ING Direct ($27,580,000 net loss)
State Farm Bank ($13,911,000 net loss)
Security First Network Bank ($12,186,000 net loss), and
CompuBank ($10,039,000 loss).

ING and State Farm are owned by large insurance companies with the enormous asset base to subsidize a few quarters of start-up losses, but I am surprised that Security First (wholly owned by Royal Bank of Canada) has incurred such dramatic losses, given it has been in operation as a branchless OLB for over 6 years whereas ING and State Farm commmenced operations in the year 2000. These three institutions incurred worse losses than CompuBank although they are owned and controlled by "deep pocket" organizations which may be willing to stick it out to secure market share in this new line of business.

First Internet Bank of Indiana showed a $2,282,000 loss for the two quarters, much smaller than these four above but it is not owned by an insurance company or a foreign bank with deep pockets to subsidize its growth.

A few banks were omitted from here and would have been worth evaluating: E-Trade Bank, American Express Bank, and Wingspan Bank.

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Author: honglu One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8263 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 3:15 PM
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This table is not exactly right. I have an account at Everbank I know the # for Everbank is not right. The # shown here for everbank is for its parent company WSFS bank because Everbank is a division of WSFS and not an independent bank. I remember Everbank division last Q's loss was around $10,000. Of course this loss # is significantly less than most of banks in the table.

I guess Everbank's situation is similiar to directbanking/umbrellabank because they are division of Salem five/Argo and they are not independent.


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Author: drnay Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8276 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 5:47 PM
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This table is not exactly right. I have an account at Everbank I know the # for Everbank is not right. The # shown here for everbank is for its parent company WSFS bank because Everbank is a division of WSFS and not an independent bank.

Yep, right, this is why I posted those certificate numbers along with the data, so people could look for themselves. Some of these "banks" are actually divisions of their parent B&M banks, and the divisions don't file separate reports with FDIC (do they?). I guess such data on the divisions are not publicly available from independent sources. Also, some of these "banks" are actually divisions of foreign companies/banks, which parent companies/banks also do not file with FDIC, so we can see only performance of the division, not of the whole company.
One more thing, I could have mistyped some figures while I typed in these data, so be aware. If somebody is making any decision from these data, please double-check on http://www2.fdic.gov/sdi and http://www2.fdic.gov/Call_TFR_Rpts . Caveat emptor. :)

Again, I made these tables for my own entertainment, and guessed, that somebody could find them useful, so I decided to share. Thanks!


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Author: WalStMonky Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8290 of 24252
Subject: Re: OLBs net income (loss) Date: 6/17/2001 7:24 PM
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". I would have thought Presidential OLB would have better numbers, since they have been doing this since 1996.

Presidential also has 8 or 10 B&M branches. I've had a checking account there since before it had an OLB. Posting a loss in one quarter is no big deal as there can be many reasons. Just looking at the bottom line doesn't really tell you much if the losses aren't persistent. However, I must say I'm ready to dump them. The annoyed me by not raising rates on my interest checking while rates were going up, but have sure managed to move them down in lockstep with the Fed lowering. I've already got my account in 'maintainence' mode with just the minimum to avoid the fee, and the single recurring ACH transfer in.

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