VIRTUALBANK OPENS VIRTUALLY EVERYWHERE WITH FULL SUITE OF FINANCIAL SERVICES

EMC, Textron and The Association of Compaq Employees Take the Lead in Offering Innovative Service

North Palm Beach, Fla. - June 26, 2000
VirtualBank™, a technology-based financial services company focused on innovative technology and customer service, today announced its official launch and its first three affinity partners. Designed to meet the needs of the technology-savvy professional, VirtualBank offers the convenience of banking on-line, plus a class of personalized, competent service unprecedented in banking today. Consumers can apply for VirtualBank's full suite of deposit and lending products, account aggregation, bill payment and financial advisory services through a proprietary technical platform that is uninhibited by the product-centered bureaucracy and legacy systems of traditional banks.

Affinity Partnerships
In addition to offering banking services to consumers from its own site - www.VirtualBank.com - VirtualBank announced the industry's first online banking model that targets knowledge workers within innovative companies. Today VirtualBank introduced its first affinity partners - EMC Corporation, Textron Financial Corporation and The Association of Compaq Employees.

"Technology professionals are the perfect customers for VirtualBank. They are the most discerning users of the Internet, attracted to companies with innovative technology and likely to appreciate and utilize VirtualBank's value-added services. We feel that by developing products and services that meet the needs of the most sophisticated users of the Internet, our platform will appeal to everyone," said Rory Brown, Chairman and CEO of VirtualBank.

VirtualBank is poised to implement its first affinity partnership with EMC Corporation, the world leader in information storage systems and a member of the Fortune e-50 index of companies leading the new economy. A co-branded affinity site - EMCVirtualBank - will reside on the EMC Intranet and provide the full suite of banking and financial services for over 18,000 EMC employees.

"We purposefully selected EMC as our launch partner because of its cutting-edge approach to business and forward-thinking leadership team," said Courtney McCashland, Executive Vice President of Marketing and People Strategy at VirtualBank. "I've worked with top HR executives at more than thirty high-profile companies over the last few years. We believe EMC provides an ideal model as our pioneer partner to provide this service to its employees. EMC is a trendsetter that values its employees."

"In this competitive job market, employee satisfaction and retention are key areas of focus. Our partnership with VirtualBank allows us to offer our employees an innovative, time-saving benefit that reinforces our commitment to our employees," said Jack Mollen, Senior Vice President of Human Resources at EMC.

Textron Financial Corporation, a subsidiary of Textron Inc., and Compaq Corporation, a Fortune Global 100 company and the largest supplier of computing systems in the world, will also offer VirtualBank's services to their employees.

"I am pleased to announce that Textron Financial is entering into this exciting pilot program for our organization, for its success may lead to a much larger affinity relationship with Textron Inc.," remarked John D. Butler, Executive Vice President Administration and Chief Human Resources Officer at Textron Inc. "This new benefit for Textron Financial's employees further demonstrates our commitment to bringing the power of the Internet into our employees' professional and personal lives."

Service Offerings
VirtualBank uses its unique technology platform to allow customers to complete one application for the rest of their lives. VirtualBank's technology enables customers to open additional accounts without reentering basic information. The Bank's low cost structure allows it to offer better rates than traditional banks.

Deposit Accounts - VirtualBank offers a complete array of deposit accounts, including Checking, Savings, Money Market, CDs and IRAs.

Loans - VirtualBank offers a full array of consumer lending products, including credit cards, automobile loans, home mortgage loans, home equity loans and lines of credit and personal loans.

VirtualView - VirtualBank's VirtualView service provides customers with one-stop access to their personal accounts, including investments, bank and credit card statements, bills, reward programs and e-mail communications, saving them the time and hassle of logging into multiple sites.

Financial Advisory Services - Each customer is assigned a Relationship Manager who has a complete picture of the customer's finances and is available for individualized consultations. Sophisticated online planning tools also empower customers to make better financial decisions.

Bill Payment & Presentment - VirtualBank is the first software installation of the new Checkfree "E-Bill" software which is the next generation of Electronic Payment Technology.

VirtualBank customers can withdraw cash at any of the 531,000 automatic teller machines nationwide displaying the PLUS logo.

VirtualBank's Technology
VirtualBank's banking system, which is based on EMC's industry-leading enterprise storage systems and software for the management, sharing and protection of its information, operates on Microsoft Windows 2000, which enables seamless communication between applications and easy consolidation of information on an Internet-compatible platform. VirtualBank was featured in Microsoft's "Voice of the Customer" campaign as one of four companies that are changing the way business is done, and was major partner in Microsoft's Windows 2000 launch in February.

"Keeping all of our deposit and lending functions in-house on a completely integrated system built for the Internet allows VirtualBank to offer a level of convenience and customer service you just can't achieve with legacy systems," said Bill Decker, President of VirtualBank. "Controlling our technology also enables us to innovate quickly to enhance the customer experience."

About VirtualBank
VirtualBank, a privately-held financial institution based in North Palm Beach, Florida, was founded in April 1999 to leverage the Internet to fundamentally change the way people bank. Utilizing the Internet, Windows 2000 and its core technology, VirtualBank provides consumers highly personalized financial services through a single point-of-contact for all financial transactions. More information about the company can be obtained by visiting its Web site at www.virtualbank.com or by calling 877.998.2265.

 

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