Press Release: March 31, 2000

WR Hambrecht + Co Initiates Coverage of Netb@nk (NTBK) with a Buy Rating and Target Price of $20

Bank’s revenues expected to double in 2000

San Francisco, CA, March 31, 2000—WR Hambrecht + Co today initiated research coverage on Netb@nk (NTBK) with a buy rating and a price target of $20. WR Hambrecht + Co.’s eFinance analyst Jonathan Fayman cited Netb@nk’s growth in the online banking industry, discounted valuation and attractiveness as an acquisition candidate as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"We believe shares are undervalued at current valuations. Netb@nk’s recent 80 percent retreat in share price has created an attractive entry point for investors looking to participate in an eFinance company that has demonstrated both growth and profitability," Fayman said.

Fayman projects Netb@nk’s total revenues will reach $49.3 million in 2000 and $71.8 million in 2001, up from the 1999 total of $24.9 million.

Netb@nk is a leading FDIC insured, Office of Thrift Supervision-regulated financial institution operating exclusively through remote banking channels including the Internet, mail and telephone.