Magazine article American Banker

Electronic Commerce: Ebank Considers Stepping Up Retail Focus, Makes Change at Top

Magazine article American Banker

Electronic Commerce: Ebank Considers Stepping Up Retail Focus, Makes Change at Top

Article excerpt

Just over a year after opening, Ebank.com Inc. has a new chief executive officer and is reevaluating its strategy.

The Atlanta Internet bank, which started out as a provider of financial services for small businesses, expects to put more emphasis on retail customers.

"Some of our initiatives were not as successful as we had planned or thought they might have been," said James L. Box, who has succeeded Richard Parlontieri as chief executive officer and also is chief financial officer.

"We have not done as great a job of marketing to retail consumers as we have with the small businesses."

Mr. Parlontieri, who was also the chairman of Ebank.com, resigned in June. The company said he left "to pursue other interests." Gary Bremer, one of the founders, has been named chairman.

Ebank plans to begin cross-selling products and services to consumers who may also be small-business owners.

"We have not mined our database to the extent that we will," said Mr. Box, who became CEO on July 28. "We will continue our core strategy of business-to-business, however."

Ebank.com went live in June 1999, vowing to offer products and services that small businesses could not find elsewhere. Its menu boasts six cash management accounts: retirement planning, tax planning, private portfolio management, prime asset home loans, lines of credit, and an electronic sweep account that pools deposits and invests them overnight to earn interest.

To provide a physical presence, Ebank established a loan office in Charlotte, N.C. …

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