In Brief (four items)

Main Street Bancorp of Pa. Fires CEO

READING, Pa. - Main Street Bancorp said Tuesday that it had fired its top executive over a "difference in philosophy."The $1.6 billion-parent of Main Street Bank said chairman, chief executive officer, and president Nelson R. Oswald was relieved of his duties, as was senior vice president Norman E. Heilenman.

"The board felt it was time for a change" and "sees the need to return to shareholder value," said general counsel Andrew J. Rothermel.

The board decided to "focus on profit as opposed to growth," said Robert D. McHugh, Main Street's chief financial officer. The bank will soon complete an 18-month expansion plan in which it will open 23 branches in southeastern Pennsylvania and New Jersey, bringing its total to 45, Mr. McHugh said.

Vice chairman Albert L. Evans, Jr., was appointed chairman. The board has appointed an interim management team while it conducts an executive search for a new CEO and president.


NetBank Says It Made $4.6M in Quarter

ATLANTA - NetBank Inc. on Tuesday reported net income of $4.6 million for the first quarter, up 569% from the comparable quarter in 1999.The Internet-only bank, which seeks to attract online customers by offering free checking and no monthly fees, earned 15 cents a share, 5 cents more than Wall Street's consensus estimate as tracked by First Call. Its stock closed Tuesday at $11.50, up 56.25 cents from Monday's close.

"We have defined the requirements for any successful Internet business," said D.R. Grimes, chief executive officer and vice chairman of NetBank. "While it is imperative to grow rapidly, it is more important to demonstrate that the business model is a sound one, a profitable one."

NetBank, which competes with other Internet-only banks such as Telebank, CompuBank and USABancshares.com, reported total assets of $1.4 billion as of March 31, an increase of $154 million from yearend.


Wells Unit Invests in B-to-B Software Firm

SAN FRANCISCO - Wells Fargo & Co.'s strategic investments group has invested an undisclosed amount in BusinessBots Inc., a San Francisco-based developer of business-to-business electronic commerce software.Wells formed its strategic investments group in the fourth quarter to invest in companies that complement its commercial banking franchise. It operates separately from Well's Norwest Venture Capital operations.

The group has made similar investments in Billpoint, a person-to person online payments service developed by Wells Fargo and eBay Inc., and Just in Time Solutions Inc., a developer of electronic bill presentment and payments software.

BusinessBots, founded in 1997, was funded by a $5 million grant from the National Institute of Standards and Technology. It offers software that lets purchasers search the World Wide Web to find the best price on a particular product.


CEO Leaving the Web Bank Security First

ATLANTA - Security First Network Bank announced Tuesday that David Noble, the Internet bank's president and chief executive officer, is resigning and would be succeeded by Ashif Ratanshi on June 1.Mr. Noble is stepping down "for personal reasons," a spokesman said, and will continue as a director of the bank, which is a subsidiary of Royal Bank of Canada.

Mr. Ratanshi, 38, is currently Security First's chief operating officer; he is a 13-year veteran of financial services. He joined the Internet bank to oversee operations, service delivery, and customer care. Previously he held senior positions in Royal Bank of Canada's wealth management and discount brokerage divisions.

"Ashif is well-suited to assume the leadership," said James Rager, chairman of SFNB and vice chairman of Royal Bank of Canada.

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