San Diego Based Bank of Internet, USA, Announces Assets of $200,000,000 and First Full Quarter 2001 Results

SAN DIEGO, CA--Bank of Internet, USA, a leading Nationwide Internet Bank based in San Diego, California, announced today that assets in the first 18 months of operation have exceeded $200,000,000, and that it had reached its first full quarter of profitability in its 6th quarter of operation.

The bank had its 4th consecutive month of profitability in December 2001, earning $170,000 versus a loss of ($232,000) for the same quarter in December 2000. For the six months ending December 2001 Bank of Internet recorded a profit of $87,000 compared to a loss of ($488,000) for the same period ending December 2000.

Additionally the bank's balance sheet remains strong with only one loan delinquency and a high quality of earnings.

"These achievements are a testament to the growing demand for Internet Banking and financial services that we are experiencing from all across the nation from all ages," said Gary Lewis Evans, President & CEO, "and to the vision and foresight of a small number of local individual investors."

For Further Information Contact Gary Lewis Evans, President & CEO at gary@bankofinternet.com, Tel: 858.350.6213 or Anne Bernstein at 619.98.4390

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Information in this press release about the bank's ongoing effort to increase its overall profitability; its ability to continue attracting new account applications consistent with the current volume; its operational expenses remaining low; are "forward-looking statements" involving risks and uncertainties that could cause actual results to differ materially. Risks include the bank's; consumers not responding to the bank's products; a change in strategy at the bank for business or financial reasons; and an unforeseen change in the Internet. The bank has no obligation to update any forward-looking