Provident Financial Group, Inc. Announces Review of Strategic Alternatives for Subprime Mortgage Business

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: 

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DATASOURCE: Provident Financial Group, Inc.



Contact:  Christopher J. Carey, Executive Vice President & Chief

Financial Officer of Provident Financial Group, Inc., [phone], or

[phone], or  



Web site:  http://www.providentbank.com/ 



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