UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ________)
NET.B@NK, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
640933107
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(CUSIP Number)
Check the following box if a fee is being paid with this statement.
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class.) [X]
The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
Page 1 of 5
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CUSIP NO. 640933107
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13G
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Carolina First Corporation
57-0824914
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
N/A
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
South Carolina
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NUMBER OF
SHARES
BENEFICIALLY 5 SOLE VOTING POWER
OWNED BY 1,175,000
EACH
REPORTING
PERSON
WITH
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6 SHARED VOTING POWER
-0-
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7 SOLE DISPOSITIVE POWER
1,175,000
-------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,175,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
19.1%
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12 TYPE OF REPORTING PERSON
HC
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Item 1.
(a) Name of Issuer: Net.B@nk, Inc.
(b) Address of Issuer's Principal Executive Offices:
7000 Peachtree Dunwoody Road
Building 10, Suite 300
Atlanta, Georgia 30328
Item 2.
(a) Name of Person Filing: Carolina First Corporation
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(b) Address of Principal Business Office:
102 South Main Street
Greenville, South Carolina 29601
(c) Citizenship: South Carolina
(d) Title of Class of Securities: Common Stock, par value $.01 per
share
(e) CUSIP Number: 640933107
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a: Not applicable.
(a) (bullet) Broker or Dealer registered under Section 15 of the Act
(b) (bullet) Bank as defined in section 3(a)(6) of the Act
(c) (bullet) Insurance Company as defined in section 3(a)(19) of the Act
(d) (bullet) Investment Company registered under section 8
of the Investment Company Act
(e) (bullet) Investment Adviser registered under section 203 of the Investment
Advisers Act of 1940
(f) (bullet) Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see ss. 240.13d-1(b)(1)(ii)(F)
(g) (bullet) Parent Holding Company, in accordance with ss. 240.13d-1(b)(ii)(G)
(Note: See Item 7)
(h) (bullet) Group, in accordance with ss. 240.13d-1(b)(1)(ii)(H)
Item 4. Ownership as of December 31, 1997:
(a) Amount Beneficially Owned: 1,175,000
(b) Percent of Class: 19.1%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 1,175,000 shares
(ii) shared power to vote or to direct the vote: -0-
(iii) sole power to dispose or to direct the disposition of:
1,175,000 shares
(iv) shared power to dispose or to direct the disposition of: -0-
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Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [ ]. Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company
The shares were initially acquired by Carolina First Bank, a
wholly owned subsidiary of Carolina First Corporation, but were
subsequently transferred as a dividend to Carolina First
Corporation.
Item 8. Identification and Classification of Members of the Group
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
Not Applicable
SIGNATURE
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After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is
true, complete and correct.
February 13, 1998
Date
CAROLINA FIRST CORPORATION
By: /s/ William S. Hummers III
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Executive Vice President
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