Boston-based BankBlackwell, a new institution with headquarters at 580 Harrison Ave. (above), will do business via the Internet, phone and mail.

Internet banks have had mixed success over the past decade. Some have displayed the strength of heavyweight champions, while many others have been knocked to the canvas. And now, another contender has jumped into the ring.

In February, the Office of Thrift Supervision approved an application by Boston-based BankBlackwell to organize a federal savings bank that will do business via the Internet, phone and mail. While BankBlackwell is keeping quiet on its strategies for now, industry practitioners say the bank’s approach has promise.

Founded by James Mundy, a former executive at Boston-based OneUnited Bank, BankBlackwell plans to offer savings accounts, CDs, mortgages and home equity loans, especially to the growing number of black households earning $50,000 or more. Faith-based organizations also are being targeted. BankBlackwell is the first black bank to obtain a federal bank charter in more than a decade, according to the bank’s Web site.

According to Chris Musto, vice president of research at Waltham-based Watchfire GomezPro – which provides competitive benchmarking, site evaluation and advisory services – BankBlackwell is not repeating failed experiences by other Internet banks by offering products like checking accounts.

“They are learning the lessons that ING [Direct] learned,” Musto said.

Musto said if the bank focuses on products that don’t require an emphasis on branches, it could succeed. However, he said lending can be a tough practice via the Internet.

“[For] a lot of loan originations, banks have to depend on loan officers,” Musto said.

Also, small-business lending has not been successful online, he added.

According to Jay Spahr, senior vice president of electronic commerce at Salem Five Bank, an Internet bank has a different cost structure than brick-and-mortar institutions. That allows it to offer different, and sometimes better, rates.

“They don’t have the cost structure regular banks have,” Spahr said.

Salem Five was the first New England bank on the Internet. Spahr said there is a segment of the population that is comfortable doing business online.

“There has been a client base who will choose to do business in that manner,” he said.

Geography Lesson

BankBlackwell also will benefit from its timing. When some of the first Internet banks opened, people generally did not trust online banking. But a decade later, things are very different.

“They’re coming at a time when people are more trusting,” Musto said.

Although based in Boston, BankBlackwell has the advantage of reaching anyone via the Internet. Because there are no branches, customers will do business either online, by phone or by mail, allowing anyone in virtually any location to become a bank customer.

“The online environment allows us to take the concept of community banking and get away from geography,” Musto said.

Spahr said technology also has improved from the first days of Internet banking, which helps BankBlackwell.

“Technology is moving in their favor,” Spahr said, adding that bank statements can be distributed online and transfers between banks can occur via the Internet.

Bill pay also has been a driver for many customers.

“Most people don’t visit [the branch] frequently,” Spahr said.

The technology isn’t perfect, though. Spahr pointed out that signatures are still needed in person. There continue to be barriers, he said.

BankBlackwell’s Web site states that product offerings will be launched this summer. Currently, the bank is offering approximately 1.6 million shares of common stock at an offering price of $10 per share. The minimum subscription is 100 shares or $1,000. According to a bank spokeswoman, the bank cannot comment because it is in organization.

Mundy will serve as president and chief executive officer of BankBlackwell. OneUnited Bank, where he previously worked, is owned and managed by blacks.

According to Robert Patrick Cooper, senior counsel at OneUnited, the bank has had success catering to the black community.

“There is a kinship and bond rooted in common experience,” Cooper said.

The bank is also familiar with the needs of their consumers.

“We know what the community needs as opposed to some outside institution making decisions,” Cooper said. “We’re making the decisions from within.”

While both OneUnited and BankBlackwell target blacks, each is focusing on a different segment of the population.

“The challenge we’ve had in Boston is targeting the low- to moderate-income community,” Cooper said.

BankBlackwell has said it will target blacks with higher income levels, but focusing on affluent customers has its own challenges. Musto said many of those customers don’t have trouble getting “banked.” That means they may already have a relationship with another institution.

If BankBlackwell can market itself correctly, Musto said he believes it has a “fighting chance.”

“Like any start-up, they are going to feel the competition,” he said. “They need to appeal to the target customers.”

The bank has a community that is easy to recognize and easy to target, Musto said.

“You have to look at how you’re going to sell your product,” he said.

He added that lending to faith-based organizations tends to be safe.

Spahr agreed that BankBlackwell’s strategy is a strong one because it can create products that target a certain market.

“BankBlackwell has a specific target audience, which is good,” Spahr said.

The customers being targeted by the new bank also tend to know more about their finances.

“People with the most money are the ones who are smartest and savviest about their finances,” Spahr said, adding BankBlackwell’s initial strategy may be to build a customer base.

“I don’t think the task is an easy one,” he said.

OneUnited found a way to target customers by creating a membership program that allows them to open an unlimited amount of accounts for no or low monthly fees.

Another major difference between the two banks is the structure. BankBlackwell has not indicated any plans to build branches, while OneUnited relies on brick-and-mortar locations, especially its main retail operation in the Dudley Square section of Boston’s Roxbury neighborhood.

“Brick-and-mortar approach is something our community needs,” Cooper said.

Because customers are becoming more financially savvy and demanding more sophisticated products and services, the bank does offer online banking.

OneUnited first started out in 1968 as Unity Bank & Trust, but failed after a few years. It was reorganized in 1982 as Boston Bank of Commerce. In the mid-1990s, the bank came under new management and acquired black-owned banks in Miami and Los Angeles. In 2002, the bank changed its name to OneUnited Bank, Cooper said.

Cooper would not comment on BankBlackwell or its plans, but said it is fundamental to have a black-owned bank in the Boston area.

“It’s absolutely critical,” he said, adding that access to capital is fundamental, especially for markets that are typically locked out.

OneUnited also has experience in providing financing to churches, something BankBlackwell is aiming to do. It has proved to be successful, according to Cooper.

“Within our community, this is a stable revenue stream,” Cooper said.

While the industry waits to see how BankBlackwell withstands the marketplace, Spahr said there will be other Internet banks popping up as technology improves.

“It will mature a little bit,” he said.

Spahr added, however, that he is unsure of how many other Internet banks can enter the marketplace without having a unique strategy.

Jennifer Jope may be reached at jjope@thewarrengroup.com.