TeleBank Financial was a federally-chartered savings bank that played a pivotal role in fostering unconventional forms of interaction with customers. Trimaran’s initially invested funds in TeleBank for the purpose of providing it with regulatory capital to aid its transition into the first Internet bank.
Telebank and Telebanc Capital Markets were both subsidiaries of Telebanc Financial Corporation. Collectively, the two offered financial products and services to markets across the United States through the global reach of the Internet, the phone and through automated teller machines, as well as traditional methods such as postal mail and facsimile. Telebank Capital was a registered investment advisor, manager of funds, and broker-dealer that focused its efforts on the acquisition of single-family home mortgages.
While under the ownership of Trimaran, TeleBank saw huge success as it broke ground in Internet banking and also managed to triple its deposit base. Trimaran parted as a TeleBank investor after it was acquired by E*Trade circa the early 2000s, which today goes by the name of E*Trade Bank.