SAN FRANCISCO, July 24 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN) today announced that James P. Holdcroft and John L.
Douglas have been appointed to the Board of Directors of the Company.
James Holdcroft, a financial services industry veteran, most recently
served as Managing Director and Principal of Lehman Merchant Banking Partners
in New York. His career also includes service as Chief Financial Officer and
Chief Legal Officer of Optimark Technologies; Executive Vice President and
later as consultant to Republic New York Corporation; Chief Financial Officer
of The Manhattan Savings Bank; and Director of Investment Banking for First
Boston Corporation. Mr. Holdcroft, who received his law degree from Duke
University, began his career as an associate with Brown, Wood, Ivey, Mitchell
& Petty, and later with Skadden, Arps, Slate, Meager & Flom, both in New York.
Mr. Holdcroft fills a vacancy created by the departure of James Elliott,
who previously announced his retirement from the Providian Financial Board.
John Douglas is currently Partner and Chairman of the Financial Services
Group of Atlanta, Georgia-based Alston & Bird -- a firm with which he has had
nearly continuous service with since leaving law school at the University of
Georgia in 1977. During the period from 1987-1989, Mr. Douglas served as
General Counsel for the Federal Deposit Insurance Corporation in Washington,
DC.
"Mr. Holdcroft and Mr. Douglas add tremendous experience and insight to
our Board and will play an invaluable role as the Company continues into the
next phase of our turnaround efforts," said Joseph Saunders, Providian's
chairman and chief executive officer. "I also want to express my sincere
appreciation for Mr. Elliott's contributions to the Company and its Board over
the past several years."
About Providian
San Francisco-based Providian Financial (http://www.providian.com) 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 liquidity,
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 or 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 for the fiscal year ended December 31, 2002. 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 web site
at http://www.providian.com.
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
Media, Konrad Alt, +1-415-278-6723, or,
Investors, Jack Carsky, +1-415-278-4977, both of Providian
Financial Corporation
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