November 22, 2001

Dwight Galloway, Republic Leasing of South Carolina

All of us at Republic are thrilled about the acquisition of our long time parent, Resource Bancshares Mortgage Group, Inc. by NetBank, Inc.! 

 Among the many benefits to us will be the continuity of management (RBMG’s CEO Doug Freeman will become the CEO of NetBank), lower-cost funding for our leases and a corporate culture that stresses acquisition of high quality earning assets through wholesale channels.

  Our strategy for Republic will be simple:

 Apply the lower cost of funds to become the very best broker/lessor-funding source in the country.  In addition to leveraging NetBank’s technology to provide world-class service to our business sources, we intend to become very competitive in the app-only and lower middle market for better credits.

 We are especially looking forward to establishing stronger relationships with our lessors that develop programs for their niche vendors.  We have no doubt that our many long time brokers will be calling soon with their advice on how we can apply these new tools.

  In addition, we have already begun to hear from lessors whose needs we will soon be able to meet once the acquisition has closed.

You were right in your assessment Kit: we certainly have been given an early present!

Dwight Galloway

dgalloway@rlclsg.com

  ( Could not happen to a nicer guy.  When he was on the United Association of

Equipment Leasing Membership Committee, he worked, attended all meetings, came

up with ideas, helped us all, and gives to many associations. He is a “giver.”

 He also holds the distinction to be the first to securitize deals solely from brokers.

 He “loves” brokers.  He is a wholesaler.

A true leader in our industry with the highest ideals.  A family man, too. To see

him come out of top, should make us all feel good.  It is a Christmas present

for us, too.

Let me know play our own horn, when Leasing News started the eLease section,

we made special mention of this company to watch as they were way ahead of

their time, run correctly, and were going to become a major player in the

financial world  and gave them a top review:

NETBANK. com (http://www.netbank.com), is a financial services company whose sole subsidiary, NetBank, member FDIC, is the first profitable pure Internet bank in the country, having achieved profitability in the past nine consecutive quarters. With more than $1.6 billion in assets and customers in all 50 states and 20 foreign countries, NetBank was recently recognized as the best online bank by readers of Worth magazine in its annual "Readers' Choice Awards" survey and as a Money.com pick for "Best Online Banks." With its low- cost, branchless business model, NetBank also pays its customers with high interest rates on deposits with low- or no-fee banking services. The company is now tied with Quicken in an internet alliance. While their products and services include free online account access, free checking, free unlimited online bill payment and presentment, free unlimited ATM use, VISA(R) Check Card, VISA(R) credit cards, online brokerage services, mortgage lending, home equity lines and loans, insurance, IRAs, and online safe deposit boxes

To add the mortgage company and leasing company to their portfolio is “super!”  editor