THURSDAY OCTOBER 26, 7:50 AM EASTERN TIME
PRESS RELEASE
SOURCE: EBANK.COM, INC.
RICHARD D. JACKSON NAMED CHAIRMAN OF THE BOARD OF EBANK.COM, INC.; EBANK
ASSEMBLES POWERFUL, EXPERIENCED BANKING LEADERSHIP TEAM ATLANTA, Oct. 26
/PRNewswire/ -- ebank.com, Inc., (OTC Bulletin Board: EBDC - news), a unitary
thrift holding company tailored to serve the financial needs of small businesses
and consumers, today announced the appointment of Richard D. Jackson as chairman
of the board of ebank.com, Inc. He joins Gary Bremer who was interim chairman of
the board and who will continue to serve as vice chairman and is reunited with
longtime business associate Jim Box, CEO of ebank.com, Inc., with whom he worked
for many years in the banking industry.
Jackson has over 30 years of banking and financial services experience focused
on the consumer and small business markets. In 1974 he became president and CEO
of Atlanta-based First Georgia Bank, a troubled institution with $80 million in
assets. During his twelve years at the helm of First Georgia, the bank's assets
grew to more than $1 billion.
In 1986, First Georgia Bank, which was a subsidiary and the most profitable
institution of First Railroad & Banking Company of Georgia, was sold to First
Union along with rest of the holding company, which owned financial institutions
throughout Georgia.
From 1986 to 1993 Jackson served as president, vice chairman and CEO of Atlanta
based Georgia Federal Savings Bank. At the time he assumed control of that
institution, Georgia Federal was a $3 billion thrift. In 1990 First Financial
Management Corporation bought the bank and by 1993 the thrift had grown to $5
billion in assets, it was subsequently sold to First Union, for a sum that was
essentially double its purchase price.
Upon completion of the Georgia Federal transaction, Jackson remained with First
Financial Management Corporation, an Atlanta financial information services
company. He served as the company's vice chairman, senior executive vice
president and Chief Operations Officer until 1995 when it was sold to First Data
Corporation. In 1996 he elected to start his own private business consultancy,
an enterprise he still operates today, along with his duties serving as a
director on several corporate boards.
"Having worked closely with Dick at both First Georgia and Georgia Federal, I
know what he brings to the table and that's a tremendous amount of experience in
building efficient and profitable banking operations," said Box, ebank's
chairman and CEO. "He will be of great assistance to me in launching our
revamped business plan in which we will focus on growing our core traditional
business along with leveraging our technology and Internet presence."
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"Over the course of the past few months, with Gary Bremer at the helm, ebank's
management team has made some significant strides in improving operations and
focusing on the small business and consumer markets," said Jackson. "ebank is
now positioned to take advantage of a growing market in Atlanta and the
southeast, as well as utilizing its Internet marketing capabilities. I look
forward to assisting in growing this bank into a very valuable franchise."
In addition to announcing that Jackson had joined the ebank.com, Inc. team, the
bank also announced that duties involving key senior management positions will
be shifted in order to best utilize management's strengths and capabilities. Box
will become chairman and CEO of ebank along with his current titles as president
and CEO of ebank.com, Inc. Lou Douglass will move from president of ebank.com,
Inc., to president of ebank.
This move will allow me to focus more on asset growth and quality for the bank,"
said Lou Douglass. "I am very pleased with the direction of the company and look
forward to working with the team that has been assembled."
About ebank.com, Inc
Based in Atlanta, GA, ebank.com, Inc., a unitary thrift holding company, is
tailored to serve the financial needs of small businesses through the ebank
centers and the Internet. Through its subsidiary thrift, ebank, the company
provides a broad array of financial products and services to its small business
and retail customers, including its checking accounts, money markets, CDs, ATM
cards, equipment leasing, home loans, commercial loans, credit cards and bill
payment services. For more information, visit www.ebank.com.
Certain statements in this news release contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995 and
are thus prospective, such as statements relating to ebank.com's future business
strategies. These statements are based on many assumptions and estimates, many
of which are beyond ebank.com's control. The words "may," "would," "could,"
"will," "expect," "anticipate," "believe," "intend," "plan," and "estimate," as
well as similar expressions, identify such forward-looking statements. These
statements appear in a number of places in this release and include all
statements that are not statements of historical fact regarding the intent,
belief or expectations of ebank.com and its management. These forward-looking
statements are not guarantees of future performance and actual results may
differ materially from those projected in the forward-looking statements as a
result of risks such as (1) ebank.com's limited operating history; (2) whether
ebank.com can successfully implement its new business strategies; (3) whether
ebank.com can manage its growth.
SOURCE: EBANK.COM, INC.
