Security First Network Bank (SFNB) was the first pure Internet bank in the United States. It had no physical branch bank offices and could only be accessed online. It was founded in Pineville, Kentucky, in October 1995 by Michael Karlin and James (Chip) S. Mahan III.[1] Several months later, the bank relocated to Atlanta, Georgia.
It was initially established as a savings bank along with a wholly owned software company (Security First Technologies). Eventually teller services were added in Atlanta. On September 30, 1998, Royal Bank of Canada (RBC) acquired the banking portion of the Security First Network Bank, [2] while the software development company was spun off as S1 Corporation. RBC subsequently acquired Centura Bank of North Carolina, rebranded the online banking segment as RBC Centura, and made several adjustments to customer terms of service at that time.
Before Security First, some banks had experimented with a variety of schemes for providing online banking. Usually this involved some kind of token that was placed in an account that could only be used on the Internet. The tokens were not protected by the Federal Deposit Insurance Corporation.
Security First allowed direct access to accounts, bill payment and the viewing of check images, all of which are commonplace today.
Referencesedit
^"FDIC Banking Review, Vol. 8 No. 3 - Article III February, 1996". Retrieved July 17, 2021.
^RBC Centura Banks, Inc, SEC Form 10-K, December, 2002
security, first, network, bank, other, banks, with, similar, name, first, bank, disambiguation, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challeng. For other banks with a similar name see First Bank disambiguation This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Security First Network Bank news newspapers books scholar JSTOR February 2019 Learn how and when to remove this template message Security First Network Bank SFNB was the first pure Internet bank in the United States It had no physical branch bank offices and could only be accessed online It was founded in Pineville Kentucky in October 1995 by Michael Karlin and James Chip S Mahan III 1 Several months later the bank relocated to Atlanta Georgia Security First Network BankIndustryBankingFoundedOctober 1995 28 years ago 1995 10 in Pineville KentuckyDefunctSeptember 30 1998 1998 09 30 FateBanking operations acquired by Royal Bank of Canada Software development company spun off as S1 CorporationIt was initially established as a savings bank along with a wholly owned software company Security First Technologies Eventually teller services were added in Atlanta On September 30 1998 Royal Bank of Canada RBC acquired the banking portion of the Security First Network Bank 2 while the software development company was spun off as S1 Corporation RBC subsequently acquired Centura Bank of North Carolina rebranded the online banking segment as RBC Centura and made several adjustments to customer terms of service at that time Before Security First some banks had experimented with a variety of schemes for providing online banking Usually this involved some kind of token that was placed in an account that could only be used on the Internet The tokens were not protected by the Federal Deposit Insurance Corporation Security First allowed direct access to accounts bill payment and the viewing of check images all of which are commonplace today References edit FDIC Banking Review Vol 8 No 3 Article III February 1996 Retrieved July 17 2021 RBC Centura Banks Inc SEC Form 10 K December 2002External links edit nbsp Banks portalS1 as Security First Technologies is now titled Profits swirl around Security First Network Bank http www thefreelibrary com America s First Bank on the Internet Security First Network Bank a017645199 nbsp This United States bank related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Security First Network Bank amp oldid 1191538390, wikipedia, wiki, book, books, library,
