Providian Financial Shareholders Approve Merger with Washington Mutual
31 Agosto 2005 - 12:11PM
Business Wire
Providian Financial Corporation (NYSE:PVN) today announced that
shareholders have approved the Company's merger with Washington
Mutual. 83% of the 237,791,081 shares voted were in favor of the
merger (67% of the total outstanding shares). A majority of the
total outstanding shares were needed for approval. The results were
announced at a special meeting of Providian shareholders held today
in San Francisco. "We're gratified that Providian shareholders
recognized the value and logic of the merger with Washington Mutual
and voted to support the transaction. Together, Providian and
Washington Mutual will make a formidable competitor in the
financial services marketplace," said Providian Chairman and Chief
Executive Officer Joseph Saunders. The Company expects the
transaction to close on October 1, 2005. About Providian San
Francisco-based Providian Financial Corporation (www.providian.com)
is a leading provider of credit cards to mainstream American
consumers throughout the United States. By combining experience,
analysis and technology, Providian seeks to build long-lasting
relationships with its customers by providing products and services
that meet their evolving financial needs. Voting Summary Total
shares voted: 237,791,081 Total outstanding Providian shares:
294,798,091 Percentage of total shares voted approving the merger:
83% Percentage of total outstanding shares approving the merger:
67% Percentage of total outstanding shares voting against the
merger: 13% Forward-Looking Statement 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 the "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 adjustments; changes in
accounting rules, policies, or assumptions or in the interpretation
or application of such rules, policies, or assumptions; changes to
or the restatement of prior period financial statements or results
as the result of accounting errors or other circumstances; 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 and Annual Report to Stockholders for the
fiscal year ended December 31, 2004 under the headings "Cautionary
Statement Regarding Forward-Looking Information" and "Risk
Factors." Other risks and uncertainties include matters related to
the proposed merger with Washington Mutual, Inc. (including, among
others, risks related to integration issues, and the realization of
expected growth opportunities and cost savings from the merger).
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.
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