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DeepGreen Bank isn't promising to do all things for all people. And that may be the greatest strength of this online lender.
In an era when many dot-coms rose to heady heights with the enthusiastic backing of investors only to falter under the weight of huge expectations, DeepGreen (www.deepgreenbank.com) has focused on a narrow niche and built its presence in the marketplace gradually.
While the company is an online federal savings bank operating in 50 states and headquartered in Seven Hills, Ohio, its primary lending focus is on home equity lines of credit. The bank operates entirely over the Internet, with no branch offices. The bank is a subsidiary of DeepGreen Financial, which is owned by Third Federal Savings and Loan Association of Cleveland.
Now, the company's CEO, Jerome Selitto, says the bank is achieving solid growth in lending volume and is on a path to be profitable in the near future.
DeepGreen,...