SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
the Securities Exchange Act of 1934
Date of Report: January 30, 1998
PROVIDIAN FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-12897 94-2933952
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(State of incorporation) Commission File No.) (IRS Employer
Identification No.)
201 Mission Street
San Francisco, California 94105
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (415) 543-0404
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N.A.
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(Former name or former address, if changed since last report)
Item 2. Acquisition Or Disposition Of Assets.
On January 30, 1998, Providian Financial Corporation (the "Company"),
through its subsidiary, Providian National Bank, purchased from First Union
Direct Bank, N.A. (the "Seller") a portfolio of unsecured credit card
receivables and the related accounts, records and other rights. The acquired
portfolio consists of approximately 549,000 credit card accounts, of which
approximately 323,000 accounts are active. The purchase price paid for the
acquired portfolio was approximately $959 million, subject to certain
post-closing adjustments, and was established in negotiations between the
Company and the Seller. The Company funded the acquisition with working capital
and funds drawn under the Company's revolving credit facility. The acquired
portfolio constituted approximately 17% of the Seller's managed credit card
receivables as of September 30, 1997. The Company did not and does not plan to
acquire any fixed assets or employees of the Seller in connection with the
portfolio acquisition.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROVIDIAN FINANCIAL CORPORATION
By: /s/ David J. Petrini
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Name: David J. Petrini
Title: Senior Vice President and Chief
Financial Officer
Date: February 12, 1998
