NetBank Launches Auto Insurance Through Sister Company NetInsurance, Inc.; By Completing One Quick Form Online, Consumers Receive Multiple Quotes from Top Providers

Business Wire, April 10, 2003

Business Editors

ATLANTA--(BUSINESS WIRE)--April 10, 2003

NetBank(R) (Nasdaq: NTBK)(www.netbank.com), the country's first commercially successful Internet bank, today announced insurance products will now be offered to consumers through its sister company, NetInsurance, Inc., a national insurance agency offering products from many of the nation's leading insurance companies.

Auto insurance will be the first NetInsurance(TM) product offered through the bank, and plans call for other products such as homeowners insurance to follow soon.

"NetBank has always provided its customers with financial products and services that offer the type of value they really want - convenience, pricing and access to professional service representatives," said Eve McDowell, chief sales and customer fulfillment executive for NetBank. "With our insurance product, when a customer is applying online for an auto loan or refinancing an existing one, he or she can comparison shop for multiple car insurance quotes at the same time. And our real-time, single-session technology allows users to move from receiving estimates and quotes to purchasing a policy in a matter of minutes. If they have any questions, licensed insurance agents are available live via online chat or phone."

From the NetBank Web site, consumers can access estimates, receive competitive quotes from multiple providers, and apply for and purchase a policy. The process is intuitive and has helpful hints to answer common questions at each step along the way. Currently, auto insurance is available to residents in Arizona, California, Florida, Georgia, New York, Pennsylvania, South Carolina, and Texas. NetBank will expand the service to include additional states in phases throughout the year.

With today's announcement, insurance products are now available to customers of each of NetBank, Inc.'s primary business units. The company's two wholesale mortgage lending units, RBMG(R) and Meritage Mortgage(R), and its retail mortgage lending unit, Market Street Mortgage(R), have been conducting pilots in California and Florida offering homeowners insurance, through NetInsurance, to customers applying for a loan. Those pilots are now being expanded to include 10 additional states: Arizona, Colorado, Georgia, Illinois, Michigan, Nevada, Oregon, South Carolina, Utah and Virginia.

About NetBank

NetBank(R) is the country's first commercially successful Internet bank. NetBank currently has $2.2 billion in deposits and serves customers in all 50 states and more than 20 foreign countries. Its full line of financial services is designed around the needs and lifestyles of its customers. Through a branchless business model, NetBank operates at a fraction of the cost of a traditional bank. Since its start in 1996, NetBank has passed its cost savings to customers through more competitive deposit rates and free account services, such as online bill payment. Through its mortgage lending subsidiaries, Market Street Mortgage(R) and RBMG(R), NetBank ranks as a top 30 U.S. mortgage lender. NetBank, Equal Housing Lender and Member FDIC, is a primary operating subsidiary of NetBank, Inc. (Nasdaq: NTBK), a diversified financial services company. For more information on NetBank's products and services, please visit www.netbank.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Information in this press release about: 1) plans for other products such as homeowners insurance to be offered through the bank; 2) NetBank expanding service to include other states; and 3) homeowners insurance pilots being expanded to include 10 additional states are "forward-looking statements" involving risks and uncertainties that could cause actual results to differ materially. Risks include: 1) a decision not to offer homeowners insurance through the bank; 2) a decision by the bank not to expand service to include other states; and 3) a decision not to expand homeowners insurance pilots to include some or all of 10 additional states. The company has no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties facing NetBank, Inc., see "Risk Factors" in the company's SEC filings.