ARLINGTON, Va. E-Trade Bank said it added more than $1 billion of net new deposits in the fourth quarter, breaking its own single-quarter record.
Net new deposits rose 40% from the previous quarter and nearly doubled from a year earlier, the Internet bank announced Thursday. As of Dec. 30 the E-Trade Group Inc. subsidiary had more than $5.7 billion of deposits, compared with $2.6 billion at yearend 1999 and $1.1 billion at yearend 1998.
Its an amazing growth story, said Mitchell H. Caplan, chief banking officer of E-Trade Group. The most recent deposit increase positions us in the ranks of many of the larger brick-and-mortar institutions, he said.
