ARLINGTON, Va. - E-Trade Bank has become the first Internet-only bank to surpass $4 billion of deposits, putting it among the top 21 federally chartered savings banks, according to data from the Federal Deposit Insurance Corp.
In January 1999 E-Trade Bank surpassed $1 billion, making it the first Internet bank to rank among the top 50 federal savings banks. By March it had advanced to the top 35 by going past $3 billion.
"By reaching $4 billion in deposits, E-Trade Bank is now over five times larger than the next-closest pure-play competitors," said Mitchell H. Caplan, chief banking officer of E-Trade Group Inc.
