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First Internet Bank Launches Real-Time Internet Banking Services Nationwide

Real-time Internet banking, at http://www.firstib.com, offers individuals unprecedented flexibility and power to manage their own finances when they want, where they want

First Internet Bank of Indiana (firstib.com), a real-time Internet-only financial institution will officially launch its innovative Internet banking services at The Museum of American Financial History on February 22, 1999.

Since the introduction of the Internet, many individuals have wanted and needed to access their financial accounts and execute transactions in real-time via the Internet. But to date, nearly all online banking services are executed through "batch-processing," where transactions and requests are processed only once a day at night. Thus, customers have been denied "up-to-the minute" financial information, until now.

firstib.com will be the first bank to offer a full suite of banking services in a real-time environment via the Internet. It is a new-style Extended Value Online Bank that offers customers an unprecedented flexibility and power to manage their own finances. Banking customers will be able to enjoy services that are executed in real-time, 24/7/365 via the Internet. firstib.com’s services do not require proprietary banking software. This enables customers to fulfill their banking needs from anywhere with Internet access.

firstib.com will offer a full product line of checking, money market savings, certificates of deposit, loans, credit cards and ATM cash cards. Customers can make deposits through a variety of ways including MAC ATMs, payroll direct deposit, mail, wire transfer, etc. Withdraws can be made from any PLUS or MAC ATM. All funds held at firstib.com are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 per depositor.

Based on an Internet economic and strategic model, firstib.com keeps maintenance costs low with no physical bank branches and minimal staff. Therefore, firstib.com can offer industry-leading interest rates, attractive personal loan rates and money market savings that place the bank in the top institutions in Bank Rate Monitor, Bank Quote, etc.

"firstib.com is positioned to cater to Internet customers who long to better manage their finances in a secure, real-time environment," said David Becker, Chairman of the Board for First Internet Bank. "Our systems are based on proven technologies that have been thoroughly field-tested in the real world, managing $8.5 billion in assets at 109 credit unions, $2.5 billion of those assets available to credit union members in real-time over the Web for the last two years."

firstib.com utilizes FiNet technology that enables seamless Internet integration between a bank’s back office and the Web. Through FiNet, firstib.com is able to provide customers with real-time Internet banking services. The technology has been reviewed thoroughly by the FDIC and serves as the model for FDIC Y2K readiness exams.

firstib.com is leading the online banking industry into the 21st century, where people demand the best deals, up-to-the second goods and services. From now on, everyone who wants, and needs, to take care of important financial business, will be able to do so on their own schedules, when they want, without waiting.

According to research firm IDC, online banking will grow by a compound annual growth rate of 42% from more than 4.4 million households in 1998 to over 25.3 million by 2003. Similar to the way the online brokerage industry skyrocketed in 1998, industry analysts believe that 1999 will the year for online banking to take prominence.

About firstib.com

Based in Indianapolis, Indiana, firstib.com is the first state chartered Internet bank with accounts insured by the FDIC. It is the first "Extended Value Online Bank" to deliver a full range of real-time Internet banking products with personalized interactive services, as well as offering competitive rates. Its business model enables customers to facilitate Internet banking in a real-time environment, as well as empower users to better manage their own finances.