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December 08, 1999
First Union Invests $19.5 Million in BrightLane.com
CHARLOTTE - First Union Corp. (NYSE:FTU) has invested $19.5 million in BrightLane.com to support e-commerce solutions for small business. The move further strengthens First Union's commitment to e-commerce and small business.
"BrightLane.com is an attractive investment for First Union and an important part of our ongoing commitment to supporting e-commerce technologies, both through internal development and external investment," said David Carroll, chief e-commerce officer of First Union. "We're committed to introducing e-commerce solutions that provide benefits to both our customers and shareholders, and this partnership reinforces that strategy."
As part of First Union's alliance with BrightLane.com, First Union will provide all financial services for BrightLane.com customers, including electronic banking, bill paying, lines of credit, cash management, corporate credit cards and real-time account information. In addition, Carroll will serve on the Board of Directors.
BrightLane.com is a "trusted partner" for small businesses providing purchasing power, expert advice, and convenient services at a single source online, 24 hours a day, 7 days a week. BrightLane enables small businesses to save time and money, so entrepreneurs can focus on their core business.
BrightLane.com has teamed with key strategic partners to offer customers a full suite of services, including banking, recruitment, office products, payroll, benefits, web services, plus Customer Care coaches to provide support. Brightlane.com has pre-qualified and selected reliable and proven affiliate partners for small businesses. Key partners in addition to First Union include Mindspring Enterprises, PayMaxx Inc., SurfIT, and United Stationers.
"We believe that through this relationship we can combine First Union's banking expertise with BrightLane's e-commerce small business solutions to provide innovative services to business customers," said Vince Brannon, president and CEO of BrightLane.com. "More than 80 percent of small businesses are expected to be online in the year 2000. BrightLane.com serves as an electronic mentor for owners and managers and will change the way small companies do business."
About First Union
First Union is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. At September 30, 1999, First Union had assets of $235 billion. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C. and brokerage offices in 41 states nationwide.
firstunion.com provides individuals and businesses comprehensive information on financial products, services and planning tools to meet a broad spectrum of needs. The web site also contains company information for customers, shareholders and site visitors. First Union offers a wide range of customer-focused online banking services that cater to more than one million online banking and online brokerage customers. firstunion.com is a key, integrated delivery channel that complements First Union's ATM, First Union Direct, and extensive financial center and brokerage network, allowing customers to bank when, where and how they choose.
About Brightlane.com
Based in Atlanta, Ga., BrightLane.com brings state-of-the-art technology, expertise, products and services to small business customers. BrightLane offers a community for businesses where members generate buying clout and membership is free. Since its inception in April 1999, BrightLane.com has assembled a well-respected team of employees to continue its fast-paced growth and service offering to businesses. BrightLane.com is the creation of T. Stephen Johnson, founder of NetB@nk and Vinson Brannon, BrightLane.Com President & CEO.
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