Nexity Financial Corporation Announces Formation of Internet Bank

FOR IMMEDIATE RELEASE

Nexity Financial Corporation, a Birmingham-based financial services company, has announced plans to open an Internet-based Bank in the first quarter of 2000. Nexity plans for its Internet Bank subsidiary to offer products and services including interest checking, money market checking, certificates of deposit and a full array of loan products. Customers will be able to use their online checking accounts to pay bills electronically.

Mr. Greg Lee, Chairman of the Board of the Company, said, “We look forward to providing our customers with unprecedented convenience, pricing and responsiveness.”

There are currently six other Internet Banks operating within the United States. Nexity recently completed a private offering in which it raised $22,500,000.00.