Capital Corporation & Provident Financial Group, Inc. Confirm Cash Payment on Income PRIDES(SM)
April 22 2004 - 3:43PM
PR Newswire (US)
Capital Corporation & Provident Financial Group, Inc. Confirm
Cash Payment on Income PRIDES(SM) Capital Corporation Announces
Financial Results for the Quarter Ended March 31, 2004 CINCINNATI,
April 22 /PRNewswire-FirstCall/ -- PFGI Capital Corporation and
Provident Financial Group, Inc. announced that the scheduled cash
payment on their Income PRIDES(SM) security will be paid on May 17,
2004. The distribution, accruing from February 18, 2004 through May
17, 2004, is payable to holders of record on May 1, 2004, at a rate
of $0.5625 per each Income PRIDES(SM) held. PFGI Capital
Corporation also announced financial results for the first quarter
ended March 31, 2004. Net income was $3.5 million, interest on loan
participations was $3.7 million, and non-interest expenses,
including loan servicing and management fees, totaled $0.2 million.
This compares with net income of $4.0 million, interest on loan
participations of $4.2 million, and non-interest expenses,
including loan servicing and management fees, of $0.2 million for
the 2003's first quarter. At March 31, 2004, there were no
non-performing assets or impaired loans, commercial loan
participations totaled $324.9 million, and the reserve for loan
participation losses was $1.6 million. At March 31, 2004, total
shareholders' equity was $332.9 million and total assets were
$335.7 million. About PFGI Capital Corporation PFGI Capital
Corporation is a Maryland corporation formed as a real estate
investment trust for federal income tax purposes. The principal
business objective is to acquire, hold, and manage commercial
mortgage loan assets and other authorized investments that will
generate net income for distribution to PFGI Capital Corporation
shareholders. About Provident Financial Group, Inc. Provident
Financial Group, Inc. 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 $8.9 billion in loans outstanding,
$9.9 billion in deposits, and assets of $16.7 billion. 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
close by the end of the second quarter. For further information,
please contact Patricia Forsythe Provident Financial Group /PFGI
Capital Corporation Investor Relations 1-800-851-9521 or
1-513-345-7165 e-mail: DATASOURCE: Provident Financial Group, Inc.
CONTACT: Patricia Forsythe of Provident Financial Group - PFGI
Capital Corporation Investor Relations, +1-800-851-9521, or
+1-513-345-7165, or Web site: http://www.providentbank.com/ Company
News On-Call: http://www.prnewswire.com/comp/721925.html
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