Presidential Launches New Internet-Only Mortgage Banking Division

Presidential® Online Bank has announced the formation of a new Internet-only mortgage banking division, to be called will originate all types of home mortgages solely over the Internet and by telephone.  This marketing channel is expected to permit significant a reduction the cost of originating home mortgages, compared to conventional methods.

Presidential Savings Bank, of which Presidential® Online Bank is a division, is one of the larger originators of home mortgages in the Washingon, DC, metropolitan area, having originated over $300 million in mortgages during 1998. will be headed by Mr. Ron King, who already has over a year's experience in Internet-based mortgage originations, as well as 25 years of mortgage banking experience.

In addition, all data that customers enter into the Presidential® Business Banking Center site will be available to the customer to be recalled at any time, merely by entering a reference number supplied online and by e-mail when the information is initially submitted.  Customers and Presidential® commercial loan officers can look at the same information at the same time from their respective computer terminals, editing it in real time as circumstances warrant.