INTERNET-BASED NEXITY BANK SURPASSES $100 MILLION IN DEPOSITS IN UNDER FIVE MONTHS

FOR IMMEDIATE RELEASE July 24, 2000

(Birmingham, AL) Internet-based, Nexity Bank, member FDIC, has surpassed $100 million in deposits, according to Nexity Bank CEO, Greg Lee. The Bank began taking deposits in February 2000, and in the five months since has signed up customers from all 50 states. The Bank currently has $123 million in assets.

"This important milestone is a testament to the growing popularity of on-line banking," said Lee. "The public has long been ready for the convenience and high level of service that on-line banking offers. We place an extremely high emphasis on customer account service, and that results in an increased customer base, customer satisfaction and customer loyalty."

High Interest Rates
Nexity Bank recently received the "Top Tier" award for second quarter 2000 from bankrate.com. The "Top Tier" award is presented to financial institutions each quarter that most often provided the highest yields during that quarter. Nexity Bank currently offers up to 6.6 percent APY on money market accounts and up to 7.15 percent APY on 6-month certificates of deposit. The Bank is able to offer such favorable interest rates due to low overhead.

Customer Service a Top Priority
Nexity Bank was the first Internet bank to handle data processing and customer service in-house. This allows the Bank to closely monitor customer service and to provide quicker turnaround in product enhancements and customer requests. The toll-free phone number to the Bank’s customer service center is available on each page on the web site.

The Bank’s customer service center operates from 7 am until 10 pm Central Time Monday through Friday and from 8 am until 5 pm Central Time Saturday and Sunday. Every Customer Service Representative is trained on the products that Nexity Bank offers and can answer customer questions concerning balance inquiry, deposit information and procedural issues. There are currently 19 Customer Service Representatives available for customer support.

Security First
Nexity Bank was the first Internet bank to receive the AICPA’s Web Trust Seal of Assurance. The Seal was developed by the American Institute of Certified Public Accountants and tells customers that an independent certified public accountant has evaluated Nexity Bank’s business practices and controls and determined that they are in conformity with Web Trust Principles and Criteria for Business-to-Consumer Electronic Commerce. The Seal verifies that a report has been issued indicating that such principles are being followed in conformity with the WebTrust Criteria.

According to David Long, president of Nexity Bank, The WebTrust certification was an important building block in the Bank’s focus on customer service, and ensures that the Nexity Bank website meets or exceeds the program’s high standards. To qualify for the certification, the Bank allowed the accounting firm of Ernst & Young full access to all Bank procedures, processes and equipment. The firm conducted a review of the Bank’s technical and business practices before awarding the Web Trust Seal.

Complete Banking Services
On-line, Nexity Bank offers home equity loans and lines, money market accounts, interest checking, personal checking, business checking, savings accounts, CD’s, ATM/Check Cards, on-line bill pay and overdraft protection. Nexity Bank provides free Internet access to customer accounts 24 hours-a-day, seven days-a-week, plus on-line viewing of cancelled checks and on-line statements. Additionally, the Bank has an alliance with Mortgage.com to offer mortgage products to its customers.

Nexity Bank is headquartered in Birmingham, Alabama. Customer service representatives can be reached at 877.738.6391.