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Security First Network Bank, First FDIC-Insured Internet Bank, Sells 2.44 Million Common Shares at $20.

ATLANTA--(BUSINESS WIRE)--May 23, 1996--Security First Network Bank's ("SFNB") public offering of 2,440,000 common shares was priced at $20.00 for sale by an underwriting group led by Friedman, Billings, Ramsey and Co., Inc.

The company had expected the shares to be offered at $15.00 to $17.00 each. SFNB is quoted on the Nasdaq national market under the symbol "SFNB."

In connection with the offering, SFNB is acquiring Five Paces, Inc., the software company that developed the Virtual Bank Manager(TM) (VBM) software used by SFNB to offer its Internet banking services. Virtual Bank Manager is the first product in the Virtual Financial Manager(TM) suite of software products that operate on the Secure Web Platform and which are being designed to allow consumers remote access to all aspects of their balance sheet via the Internet or a dial-up connection to their financial institution. Five Paces markets Virtual Financial Manager to domestic and international financial institutions.

SFNB employed Virtual Bank Manager to become the first FDIC-insured financial institution to receive federal regulatory approval to execute traditional banking services over the Internet. SFNB began its Internet banking activities in October 1995.

The company has entered into strategic alliances with systems integrators, data processors and financial institutions to enhance market penetration of Virtual Financial Manager. Five Paces' strategic alliances include agreements with ALLTEL Financial Services, Inc., Hewlett-Packard, M&I Data Services, National Commerce Bancorporation, Synovous Financial Corporation, and Unisys Corporation.

SFNB had been a subsidiary of Cardinal Bancshares, Inc., and immediately prior to the offering, shares of SFNB's common stock owned by Cardinal were distributed to Cardinal stockholders. Immediately prior to the consummation of the offering, SFNB issued and sold additional shares of common stock as part of a plan of recapitalization and the acquisition of Five Paces.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

For more information or a prospectus relating to these securities, contact James R. Kleeblatt, managing director, at Friedman, Billings, Ramsey and Co., Inc., Potomac Tower, 1001 Nineteenth Street North, Arlington, Va. 22209, 703/312-9571; or send e-mail to info@fbr.com.

CONTACT: FBR, Arlington

James R. Kleeblatt, 703/312-9571

or info@fbr.com

or

SFNB, Atlanta

Kim Humphreys, 404/320-4230

or kimh@sfnb.com
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:May 23, 1996
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