American Skandia, everbank Team Up With Goal to Become Top Online Banking Provider to Independent Financial Planner Market

Business Wire, Jan 5, 2001

Business/Banking Editors

SHELTON, Conn.--(BUSINESS WIRE)--Jan. 5, 2001

American Skandia, Incorporated, one of the nation's leading financial services providers, and CustomerOne Financial Network Inc, operators of everbank, the highly rated Internet banking division of Wilmington Savings Fund Society, FSB, have announced a strategic marketing partnership and an equity investment.

The marketing partnership calls for American Skandia, Inc., through its subsidiaries, to be the exclusive distributor of everbank's FDIC-insured Internet banking services to the Independent Financial Planner marketplace. Since its launch in January 2000, everbank has attracted more than 13,500 clients located in all 50 states, and more than $185 million in deposits. It has been named to Gomez Advisors' top ten list of Internet banks for four consecutive quarters, the only bank under two years old to make the top ten.

Said Gordon Boronow, Deputy CEO of American Skandia, Inc.: "Many of the 1,500 financial planner firms and 50,000 independent financial planners that we support are demanding high-value, FDIC-insured online banking and loan services for their customers. With a synergy between our two companies, the strategic investment is a logical way to maximize a great marketing opportunity. We have a shared mission to become the leading online banking provider serving the Independent Financial Planner Market."

Joe Pucci, Jr., Director of Internet Banking for American Skandia, said everbank emerged as the appropriate candidate after an extensive review of the universe of strategic partners.

"When we searched the marketplace to find the best-in-class provider of online banking, we found everbank. This new partnership reflects our commitment to increase the scope of world-class products we distribute, and to be as close as possible to the financial professionals we serve," Pucci said.

Frank Trotter, President and CEO of everbank, said: "The independent financial planner channel is quite possibly the most powerful financial product distribution channel in the United States today, and American Skandia is clearly one of the preeminent players in this marketplace. I believe American Skandia and everbank's partnership will illustrate the power of combining a 'feet on the street' national distribution force, and a world-class online banking experience."

In concert with the announced marketing agreement, on Dec. 29, 2000, American Skandia, Inc. invested $5 million in CustomerOne Financial Network, Inc. and, under certain circumstances, plans to contribute additional capital.

The American Skandia-everbank program will begin in the first quarter of 2001.

American Skandia, Inc. is parent company of American Skandia Marketing, Inc., a leading distributor of variable annuities, mutual funds, qualified plans and variable life insurance products. Variable annuities, variable life insurance and qualified plans are issued by American Skandia Life Assurance Corporation. Mutual funds are issued by American Skandia Advisor Funds, Inc. All products are distributed by American Skandia Marketing, Inc. Both offices are located at One Corporate Drive, Shelton, Connecticut 06484. Products are not available in every state and features may vary by state. More information on American Skandia is available through www.americanskandia.com.

everbank operates as the Internet division of Wilmington Savings Fund Society, FSB, the primary thrift subsidiary of WSFS Financial Corporation, (NASDAQ/NMS:WSFS), a $1.7 billion financial services company.

everbank has been named "Best of the Web 2000" by Online Banking Report, and "Best of the Web" by Forbes magazine. everbank has also been named to Gomez Advisors top-10 list for the fourth consecutive quarter since the firm's launch in January 2000, and is the only bank less than two years old to earn the honor. Gomez currently ranks everbank number 2 in the nation for "Customer Confidence."