After raising $22.5 million and acquired Peoples State Bank of Grant Alabama, an online bank in 1999 was established by the name of Nexity Financial Corporation. Nexity Financial wanted to take a new approach on the banking industry. Its main focus was to provide financial services that were convenient, cost effective, and secure to its customers. They have become one of the fastest growing virtual banks in the industry. Their strategy was to grow assets from deposits of newly acquired customers. Although Nexity Financial is not at the same competitive level as E-Trade or ING Direct, nevertheless it was able to overcome the struggles of the internet-only banking industry. Internet-only bank institutions only have 2% share of the online market. Compared to other internet-only banks in the industry, it generally takes about three years to breakeven, but it only took Nexity Financial 18 months to break even. Now that Nexity Financial has recuperated its money, it now faces different challenges. Not only do they have to compete against other virtual banks, but they have to compete with b....

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