PFGI Provident Financial Grp. (MM)

Provident Financial Group, Inc. Announces Review of Strategic Alternatives for Subprime Mortgage Business CINCINNATI, June 24 /PRNewswire-FirstCall/ -- Provident Financial Group, Inc. is announcing that it is reviewing strategic alternatives including, but not limited to, the potential sale of its subprime residential mortgage servicing platform and mortgage servicing rights, residual interests in subprime mortgage loan securitizations, and the subprime wholesale and retail origination platforms. No assurance can be made that any transaction will be consummated on terms acceptable to Provident. The servicing portfolio, as of March 31, 2004, includes the servicing rights for $11.1 billion of loans originated and securitized by others, $1.1 billion of loans originated and securitized by Provident and approximately $260 million of loans held for sale. (Logo: http://www.newscom.com/cgi-bin/prnh/20030424/PFGLOGO ) Forward-Looking Statements This document may contain certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward- looking statements. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements for a variety of factors including: sharp and/or rapid changes in interest rates; significant changes in the anticipated economic scenario which could materially change anticipated credit quality trends; the ability to generate loans and leases; significant cost, delay in, or ability to execute strategic initiatives designed to grow revenues and/or manage expenses; consummation of significant business combinations or divestitures; and significant changes in accounting, tax, or regulatory practices or requirements and factors noted in connection with forward-looking statements. Additionally, borrowers could suffer unanticipated losses without regard to general economic conditions. The results of these and other factors could cause differences from expectations in the level of defaults, changes in the risk characteristics of the loan and lease portfolio, and changes in the provision for loan and lease losses. Provident undertakes no obligations to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. About Provident Financial Group, Inc. Provident Financial Group, Inc. (NASDAQ:PFGI) is a bank holding company located in Cincinnati, Ohio. Its main subsidiary, The Provident Bank, provides a diverse line of banking and financial products, services and solutions through retail banking offices located in Southwestern Ohio and Northern Kentucky, and through commercial lending offices located throughout Ohio and surrounding states. At March 31, 2004, Provident Financial Group had $16.7 billion in assets. On February 17, 2004, Provident Financial Group and National City Corporation (NYSE:NCC) announced that they had signed a definitive agreement for National City to acquire Provident. The transaction is expected to close at the beginning of the third quarter of 2004. For further information, please contact: Christopher J. Carey Executive Vice President & Chief Financial Officer 1-513-639-4644 / 1-800-851-9521 e-mail: http://www.newscom.com/cgi-bin/prnh/20030424/PFGLOGO http://photoarchive.ap.org/ DATASOURCE: Provident Financial Group, Inc. Contact: Christopher J. Carey, Executive Vice President & Chief Financial Officer of Provident Financial Group, Inc., +1-513-639-4644, or +1-800-851-9521, or Web site: http://www.providentbank.com/ Company News On-Call: http://www.prnewswire.com/comp/721925.html

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