Equitex Inc. intends to merge with First Telebanc Corp., a bank holding company in Boca Raton, Fla.

Equitex previously announced that it had bought a 9.9% stake in First Telebanc. A definitive agreement should be reached within thirty days.

First Telebanc owns Net1Bank which aims to become an Internet bank. By early summer, Net1Bank will allow consumers to open new accounts, transfer funds, and pay bills through the Internet and over the telephone 24 hours a day. Net1Bank also plans to offer credit cards; loans for mortgages, small businesses and consumers; and merchant transaction processing services.

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