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O.C. BUSINESS PLUS | HEARD ON THE BEAT / FINANCIAL
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Internet-Based Bank Established in Irvine

March 02, 2000|EDMUND SANDERS | Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com

Joining an increasingly crowded field, two former Goldman Sachs & Co. managers have launched an Internet-based bank, called National InterBank, in Irvine.

The bank, which started accepting customers on a limited basis in December, plans to launch a marketing campaign soon, focusing on its no-fee accounts.

The new bank also is working on a software technology, called Personal Financial Analyst, that it says will conduct real-time monitoring and analysis of a customer's finances and financial transactions. Then the software offers suggestions for saving money or increasing wealth.

National InterBank said it has already signed up 6,000 customers. It began full operations Feb. 8.

The bank was founded by former Goldman Sachs managers J. Randall Waterfield and his brother, Richard R. Waterfield. Their grandfather, Richard H. Waterfield, founded Waterfield Mortgage, which today is one of the nation's largest privately held mortgage lenders.

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