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Republic Leasing to Become Division of NetBank ATLANTA, GA NetBank, the country's first commercially successful Internet bank, has announced a plan to establish Republic Leasing Company, Inc., its wholly owned operating subsidiary, as a division of the Bank in the near future. This will enable Republic Leasing to more easily provide services to all NetBank customers. No changes are planned in the organization, reporting or operations of Republic. As it has done since 1988, Republic Leasing will continue to hold and service its leases — 95 percent of which are originated through its wholesale channel by equipment lease brokers. As a division of NetBank, Republic Leasing is expected to improve upon its record 2003 production volume by providing unique programs and custom funding solutions to its brokers. “NetBank's capital and their confidence in our broker model will give us the flexibility to meet the needs of our small and mid ticket sources,” said Dwight Galloway, chief executive officer, Republic Leasing. About NetBank, Inc. NetBank, Inc. (Nasdaq: NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its major subsidiaries include NetBank® (www.netbank.com), the country's first commercially successful Internet bank; RBMG, Inc., a wholesale mortgage lender that generates residential mortgages through a nationwide network of independent brokers and correspondent lenders; Market Street Mortgage Corporation, a retail residential mortgage lender that conducts business in 39 states; Meritage Mortgage Corporation, a wholesale mortgage lender that originates non-conforming residential mortgages through a nationwide network of independent brokers; Republic Leasing Company, Inc., a wholesale originator and servicer of commercial business equipment leases; NetInsurance, Inc. (formerly known as RBMG Insurance Services, Inc.), an online insurance agency representing some of the nation's leading insurance companies; and NetBank Payment Systems, Inc., a provider of ATM and merchant processing services to small institutions and non-bank retail businesses. NetBank is a Member FDIC. NetBank, RBMG®, Market Street Mortgage® and Meritage® are Equal Housing Lenders. Rich Jeffers 678-942-7596 Matthew Shepherd 678-942-2683 ( Leasing News reported this story on March 30,2004: http://www.leasingnews.org/archives/March%202004/03-30-04.htm#rep ) |
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