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"Dramatic" improvements have been seen in the 2001 fourth- quarter results of both RBMG Inc. of Columbia, S.C. and NetBank Inc. of Atlanta, whose merger may close soon.
Both companies turned profitable by the end of 2001, compared to losses reported in 2000, and they are optimistic about 2002.
For the fourth quarter 2001, NetBank reported a net income of $2.9 million, or $0.10 per share, compared to a loss of $439,000 or $0.01 per share (before extraordinary gains of $1.5 million) in the fourth quarter of 2000.
NetBank chief executive officer D.R. Grimes said that these results were in compliance with its goals and 2001 strategy of increasing profitability by diversifying its income stream and by strengthening customer relationships.
Among the ways NetBank has diversified in the past year has been by acquiring Market Street Mortgage of Clearwater, Fla. in June 2001. MSM, a retail mortgage lender that operates through...