$563,000 third-quarter loss at USABancShares.com Inc. The Philadelphia-based bank company earned $269,000 or 6 cents per share during the same three months of 1998.
The $340 million-asset company spent $1.3 million to market its Internet bank nationally, and spent $230,000 on a systems conversion.
During the quarter the company took to national cable to promote itself and signed a deal with GQ Magazine for subscribers to get a free copy of the bank's Internet software.
Still, despite the charges the bank seems to be growing at an extraordinary pace. USABancShares.com's assets have more than doubled since the beginning of the year, and net interest income for the quarter, $2.3 million, was $900,000 more than in the year-earlier quarter.
USABancShares.com's stock dropped 4.5%, to $5.90625, on Wednesday, the day earnings were announced. Its stock was trading at $6 at midday Thursday. -- Louis Whiteman