E*TRADE Bank acquires Advanta accounts

E*TRADE Bank acquires Advanta accounts
Tags: Bank / Credit Union
December 30, 2001

ARLINGTON, Va. -- E*TRADE Bank, a wholly-owned subsidiary of E*TRADE Group, Inc. (NYSE: ET) and the nation's largest pure-play Internet bank, has acquired more than 15,000 customer accounts with deposits currently valued at over $389.7 million in a transaction with Advanta National Bank, a subsidiary of Advanta Corp. (Nasdaq: ADVNB; ADVNA).

According to an E*TRADE press release, the acquisition is expected to be accretive to both revenue and earnings.

Other terms of the deal were not disclosed.

In addition to E*TRADE Bank, E*TRADE Group Inc. also owns E*TRADE Mortgage and E*TRADE Access Inc., which manages the largest off-premise ATM network in the U.S.