SAN FRANCISCO, May 1 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN) today held its annual meeting of shareholders at the
Museum of Modern Art in San Francisco.
Providian shareholders re-elected board members, Richard D. Field,
F. Warren McFarlan and Joseph Saunders for terms of three years each. The
shareholders also ratified the appointment of Ernst & Young, the Company's
current auditor, to remain as its independent auditor for the 2003 calendar
year.
Additionally, shareholders passed a non-binding measure to establish a
policy of expensing in the Company's annual income statement the costs of all
future stock options issued by the Company.
"Management and the Board have already initiated a review of executive
compensation," said Saunders. "Perspectives of our shareholders on this issue
matter greatly to us and we will certainly consider them carefully."
About Providian
San Francisco-based Providian Financial is a leading provider of credit
cards and deposit products to customers throughout the U.S. By combining
experience, analysis, technology and outstanding customer service, Providian
seeks to build long-lasting relationships with its customers by providing
products and services that meet their evolving financial needs. One of
America's largest bankcard issuers, Providian has over $7 billion in reported
receivables and over $18 billion in managed receivables and more than
11 million customer relationships.
Forward Looking Statement
Certain statements contained in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
which are subject to the "safe harbor" created by those sections.
Forward-looking statements include, without limitation: expressions of
"belief," "anticipation," or "expectations" of management; statements as to
industry trends or future results of operations of the Company and its
subsidiaries; and other statements that are not historical fact.
Forward-looking statements are based on certain assumptions by management and
are subject to risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. These risks
and uncertainties include, but are not limited to, competitive pressures;
factors that affect delinquency rates, credit loss rates and charge-off rates;
general economic conditions; consumer loan portfolio growth; changes in the
cost and/or availability of funding due to changes in the deposit, credit or
securitization markets; changes in the way the Company is perceived in such
markets and/or conditions relating to existing or future financing
commitments; the effect of government policy and regulation, whether of
general applicability or specific to the Company, including restrictions
and/or limitations relating to the Company's minimum capital requirements,
deposit taking abilities, reserving methodologies, dividend policies and
payments, growth, and/or underwriting criteria; year-end audit adjustments;
changes in accounting rules, policies, practices and/or procedures; the
success of product development efforts; legal and regulatory proceedings,
including the impact of ongoing litigation; interest rates; one-time charges;
extraordinary items; the ability to recruit and replace key personnel; and the
impact of existing, modified, or new strategic initiatives. These and other
risks and uncertainties are described in detail in the Company's Annual Report
on Form 10-K and Annual Report to Stockholders for the fiscal year ended
December 31, 2002 under the headings "Cautionary Statement Regard
Forward-Looking Information" and "Risk Factors." Readers are cautioned not to
place undue reliance on any forward-looking statement, which speaks only as of
the date thereof. The Company undertakes no obligation to update any
forward-looking statements.
NOTE: Investor information is available on Providian Financial's website
at http://www.providian.com
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
investors, Jack Carsky, +1-415-278-4977, or
Bill Horning, +1-415-278-4602, or media, Alan Elias,
+1-415-278-4189, or Laurel Munson, +1-415-278-4770, all of
Providian Financial Corporation
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