Providian Financial Corporation Announces Special Meeting

Providian Financial Corporation (NYSE:PVN) today
announced that its Board of Directors has set August 31, 2005, as the
date for its special Shareholders Meeting to consider and vote upon
its proposed merger with Washington Mutual. All shareholders of record
on August 1, 2005, will be eligible to vote on the matter. The Company
expects to mail the associated proxy statement and prospectus on or
about August 3, 2005.

   About Providian

   San Francisco-based Providian Financial is a leading provider of
credit cards to mainstream American customers throughout the U.S. By
combining experience, analysis, technology and outstanding customer
service, Providian seeks to build long-lasting relationships with its
customers by providing products and services that meet their evolving
financial needs. 

   Certain statements contained in this press release are
forward-looking statements within the meaning of 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." 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.

   Note: Investor information is available on Providian Financial's
website at www.providian.com.