Barad Resigns

Providian Financial Corporation announced that Jim Rowe, previously executive vice president and head of the company’s domestic e-commerce operations, has been promoted to president of Global E-Commerce.

“I have tasked Jim with building the online component of what I believe will be the financial services company of the future,” said Shailesh Mehta, chairman and CEO of Providian. “As the Internet continues to create an evolving business world, I want to ensure that Providian Financial has staked out a position as a leader in the financial services marketplace on a global basis.”

Rowe’s responsibilities will include developing new online financial businesses, driving existing Internet initiatives and building Providian’s global online presence. He will also absorb some of the initiatives of the Emerging Business group that were related to online financial services.

The Company also announced today that Seth Barad has resigned his position as president of the Company’s Emerging Businesses division to pursue a new opportunity focused on providing management consulting to philanthropic organizations.

“Our entire management team will miss Seth. He has been a substantial contributor to the Company. We wish him well in his new endeavor,” added Mehta. Barad’s resignation will take effect later this month.

“This was a difficult decision for me, especially when Providian is poised to take advantage of so many growth opportunities, ” said Barad.

Reflective of these changes, the Company further announced plans to organize its core businesses into four main divisions. First, the Integrated Card Business (ICB), which handles Providian’s 14 million credit card accounts, will continue to be led by its president, David Alvarez. Alvarez will also take on the added responsibility of managing the Company’s membership products group.

Second, the Global E-Commerce division which, as previously mentioned, is led by Rowe, consists of Aria.com, Getsmart.com, the Company’s Internet-based deposit business and other online initiatives.

Third, First Select Corporation, a wholly-owned debt services company, will be led by its president, Kirk Inglis.

And fourth, a newly-created International division, which includes the Company’s operations in the United Kingdom (led by Executive Vice President James Elliott) and Argentina (led by Executive Vice President Wayne Johnson), as well as any future international expansion. Providian Financial Chairman Mehta will personally lead this new division on an interim basis.

San Francisco-based Providian Financial Corporation ([http://www.providian.com][1]) is a leading provider of lending and deposit products to customers nationwide and also offers credit cards in the United Kingdom and Argentina. Providian serves a broad, diversified market with loan products that include credit cards, secured cards and membership products. With a commitment to 100% customer satisfaction, Providian’s mission is to help its customers protect and responsibly use credit by providing a quality borrowing experience that leads to active and lasting customer relationships. The sixth largest bankcard issuer in the nation, Providian Financial was recently named one of America’s Most Admired Companies by a survey in Fortune magazine, and the nation’s top financial institution by US Banker magazine. The Company has $27 billion in assets under management and 14 million customers.

[1]: http://www.providian.com/

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MerchantOnline Execs

MerchantOnline.com, provider of secure credit and debit card processing for Internet e-tailers, has expanded and strengthened its executive committee, selecting two industry veterans to help increase sales and enhance the company’s risk management capabilities.

The two executives, Eleanor Duffek, Vice President of Marketing, and Arnold Wenzloff, Operations Risk Manager, bring over 30 years of experience in wireless communications, consumer products and risk management to MerchantOnline.com.

“These additions to our staff will enable us to move closer to becoming the preferred secure transaction network,” said Tarek Kirschen, President and CEO, MerchantOnline.com. “With her considerable marketing experience, Eleanor will become a vital part of our management team, allowing us to move rapidly to get more PC Pay(R) units in the market. Arnold will help us develop a consistent, reliable risk management strategy in what has become a fast-changing risk environment.”

In her 20 years in marketing communications, Duffek has either assisted in or coordinated several marketing projects with companies such as Primeco Personal Communications, Pepsi-Cola, Dunkin’ Donuts, General Cinema and Rexall Sundown. In addition, she served as show director for COMDEX, the world’s largest computer trade show. At MerchantOnline.com, Duffek will focus on increasing retail sales of the PC Pay device.

Developed by MerchantOnline.com subsidiary Innovonics, PC Pay incorporates patented “next generation” encryption technology using bank ATM network standards. The swipe device, similar to those used by customers in retail stores and gas stations, plugs into home or office PCs to accept ATM, debit, credit and smart cards. Unlike other encryption technology for PCs, card data and personal identification numbers (PINs) are encrypted within the secure device before entering a computer, offering a higher level of security.

Wenzloff’s 10 years of experience in risk management at Visa International and Southeast Bank serves to expand MerchantOnline’s capabilities in managing fraud and determining risk involved with Internet transactions. He will oversee MerchantOnline.com’s online transaction risk management with financial institutions and payment/processing networks.

About MerchantOnline.com

Founded in December 1997, MerchantOnline.com provides a secure transaction network that enables businesses and consumers to use one payment system for both their real world and virtual world needs utilizing credit card, ATM/debit card and other payment programs. For more information see [www.MerchantOnline.com][1].

[1]: http://www.merchantonline.com/

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NextCard Funding

NextCard, Inc. , the No. 1 Internet credit card, announced it has closed a $150 million asset-backed facility arranged by Chase Securities, Inc., the investment banking subsidiary of Chase Manhattan Bank. The asset-backed commercial paper facility will be used to fund credit card receivables at competitive commercial paper-based interest rates. This financing follows the recent completion of a $150 million increase in the facility provided by Barclays Capital. In total, NextCard has raised approximately $1 billion in asset-backed commercial paper facilities over the past year.

In addition to the larger funding capacity available through multiple conduit providers, NextCard(R) has also successfully built its ability to raise funds through NextBank, a wholly owned banking subsidiary. Year to date, NextBank has raised over $250 million in FDIC-insured Certificates of Deposits, with maturities ranging from 3 months to 2 years. “We continue to enhance the diversity, size and quality of our funding sources,” said John Hashman, Chief Executive Officer of NextCard, Inc. “This $1.25 billion in available funding is combined with a cash position of nearly $200 million. These funding sources are an important component of NextCard’s overall business strategy and will support our continued growth.”

NextCard, Inc.

NextCard, Inc. ([www.nextcard.com][1]) is the No. 1 Internet credit card and the most visited financial services Web site. Launched in 1997, the company was the first to offer instant online credit card approval, a choice of customized credit card offers, personalized PictureCard(SM) designs, and exceptional online customer service. NextCard is committed to providing the most robust consumer shopping experience on the Internet and has continued to innovate with its complete GoShopping!(SM) service, NextCard Concierge(SM) one-click shopping assistant, online bill payment services, and comprehensive rewards program. NextCard is also one of the leading direct marketers on the Internet, operates a network of more than 60,000 online affiliates, and has exclusive card relationships with leading brands, including Amazon.com and MyPoints.com. NextCard owns a minority stake in Flooz.com, the premier online gift currency, and PayTrust, a leading service that lets consumers receive, review, pay and organize all of their bills online. NextCard was named the No. 1 online credit card in 2000 by Gomez Advisors, was ranked the No. 1 credit card that Internet consumers would consider for use (according to ZDNet’s 1999 BrandIQ study), and was nominated for a 2000 Webby Award in the finance category. NextBank N.A. is a wholly-owned subsidiary of NextCard, Inc.

[1]: http://www.nextcard.com/

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Fingerhut Losses

Federated Department Stores, Inc. reported net income of $63 million for the second quarter of 2000 versus earnings of $137 million for the same period last year. The decrease results from previously announced larger bad-debt reserves required to cover credit delinquencies at the company’s Fingerhut subsidiary. Diluted earnings per share were 30 cents for the second quarter of 2000, compared to 61 cents for the second quarter of 1999.

For the first half of 2000, Federated’s net income was $152 million or 72 cents a diluted share. In the same period last year, earnings were $224 million or $1.02 a diluted share.

James M. Zimmerman, Federated’s chairman and chief executive officer, said the company’s second quarter earnings reflect the previously announced credit problems at Fingerhut and satisfactory earnings from the department store segment.

“This was a difficult quarter, as we recently indicated it would be, and we are very disappointed,” Zimmerman said. “Federated’s core businesses continue to perform reasonably well and we were satisfied with the profit performance of our department store segment, despite lackluster apparel sales in the quarter.

“We have initiated a number of steps aimed at stemming the tide of credit delinquencies at Fingerhut,” Zimmerman noted. “We will continue working diligently to remedy this situation so as to eliminate its negative impact on our future earnings. Meanwhile, it is significant to note that absent the incremental Fingerhut bad-debt problem, our diluted earnings per share for the second quarter this year would have been 74 cents, which is above prior consensus estimates.”

Operating Income

Operating income for the second quarter of 2000 was $220 million or 5.4 percent of sales, down 31 percent from operating income of $318 million or 7.9 percent of sales for the second quarter of 1999.

For the first half of 2000, operating income was $473 million or 5.8 percent of sales, a decrease of 13 percent from operating income of $543 million or 7.1 percent of sales in the same period last year.

Sales

Sales for the second quarter of 2000 totaled $4.065 billion, an increase of 1.5 percent over total sales of $4.006 billion in the same period last year. On a comparable-store basis, sales were up 1.9 percent for the second quarter.

For the first 26 weeks of 2000, sales totaled $8.097 billion, an increase of 6.5 percent over sales of $7.606 billion for the same period a year ago. On a comparable-store basis, sales for the first half of this year increased 2.4 percent.

In the quarter, Federated opened two new stores — a Macy’s in Stonebriar Mall, Dallas, and a Rich’s Northpoint furniture store in Atlanta.

Federated, with corporate offices in Cincinnati and New York, is one of the nation’s leading department store retailers, with annual sales of more than $17.7 billion. Federated currently operates more than 400 department stores in 33 states under the names of Bloomingdale’s, The Bon Marche, Burdines, Goldsmith’s, Lazarus, Macy’s, Rich’s and Stern’s. Federated also operates the Fingerhut, Bloomingdale’s By Mail, Macy’s By Mail, macys.com and bloomingdales.com direct-to-consumer catalog and electronic commerce subsidiaries.

FEDERATED DEPARTMENT STORES, INC.

Consolidated Statements of Income (Unaudited) (Note 1)

(All amounts in millions except percentages and per share figures)

13 Weeks Ended 26 Weeks Ended
——————– ——————–
July 29, July 31, July 29, July 31,
2000 1999 2000 1999
——- ——- ——- ——-

Net Sales $ 4,065 $ 4,006 $ 8,097 $ 7,606
——- ——- ——- ——-

Cost of sales (Note 2) 2,379 2,319 4,774 4,493

Percent to sales 58.5% 57.9% 59.0% 59.1%

Selling, general
and administrative
expenses 1,466 1,369 2,850 2,570

Percent to sales 36.1% 34.2% 35.2% 33.8%
——- ——- ——- ——-

Operating Income 220 318 473 543

Percent to sales 5.4% 7.9% 5.8% 7.1%

Interest expense – net (108) (85) (207) (160)
——- ——- ——- ——-

Income Before
Income Taxes 112 233 266 383

Federal, state
and local income
tax expense (49) (96) (114) (159)
——- ——- ——- ——-

Net Income $ 63 $ 137 $ 152 $ 224
——- ——- ——- ——-
——- ——- ——- ——-

Basic Earnings
per Share (Note 3) $ .31 $ .65 $ .73 $ 1.07
——- ——- ——- ——-
——- ——- ——- ——-

Diluted Earnings
per Share (Note 3) $ .30 $ .61 $ .72 $ 1.02
——- ——- ——- ——-
——- ——- ——- ——-

FEDERATED DEPARTMENT STORES, INC.

Consolidated Statements of Income (Unaudited) (Note 1)

Notes:

(1) Because of the seasonal nature of the retail business, the
results of operations for the 13 and 26 weeks ended July 29, 2000
and July 31, 1999 (which do not include the Christmas season) are
not indicative of such results for the fiscal year. Certain
reclassifications were made to prior period amounts to conform
with the classifications of such amounts for the most recent
periods.

(2) Substantially all department store merchandise inventories are
valued by the retail method and stated on the LIFO (last-in,
first-out) basis, which is generally lower than market.
Application of this method did not impact cost of sales for the
13 and 26 weeks ended July 29, 2000 or July 31, 1999.
Direct-to-customer merchandise inventories are stated at the
lower of FIFO (first-in, first-out) cost or market.

(3) Common shares outstanding used in computing basic earnings per
share were 206.6 million and 209.9 million for the 13 weeks ended
July 29, 2000 and July 31, 1999, respectively, and 209.7 million
and 209.4 million for the 26 weeks ended July 29, 2000 and July
31, 1999, respectively. Potential common shares used in computing
diluted earnings per share were 208.5 million and 221.9 million
for the 13 weeks ended July 29, 2000 and July 31, 1999,
respectively, and 212.4 million and 219.2 million for the 26
weeks ended July 29, 2000 and July 31, 1999, respectively.

FEDERATED DEPARTMENT STORES, INC.

Operating Segment Data (Unaudited)

(millions)

13 Weeks Ended 26 Weeks Ended
——————- ——————
July 29, July 31, July 29, July 31,
2000 1999 2000 1999
——- ——- ——- ——-

Net Sales

Department Stores $ 3,644 $ 3,569 $ 7,185 $ 7,006

Direct-to-Customer 421 437 912 600
——- ——- ——- ——-

Total $ 4,065 $ 4,006 $ 8,097 $ 7,606
——- ——- ——- ——-
——- ——- ——- ——-

Operating income

Department Stores $ 428 $ 398 $ 736 $ 671

Direct-to-Customer (183) (27) (206) (29)

Corporate and
other (Note 1) (25) (53) (57) (99)
——- ——- ——- ——-

Total $ 220 $ 318 $ 473 $ 543
——- ——- ——- ——-
——- ——- ——- ——-

Depreciation and
amortization expense

Department Stores $ 149 $ 151 $ 298 $ 304

Direct-to-Customer 10 14 22 17

Corporate and
other (Note 1) 23 22 47 39
——- ——- ——- ——-

Total $ 182 $ 187 $ 367 $ 360
——- ——- ——- ——-
——- ——- ——- ——-

Note:

(1) Corporate and other consists of the income or expense associated
with the corporate office and certain items managed on a
company-wide basis (e.g., intangibles, financial instruments,
investments, retirement benefits and properties held for sale or
disposition).

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NCR & iATMglobal

TRM Corporation’s San Francisco-based independent subsidiary iATMglobal.net, an e-commerce infrastructure company, announced a strategic equity investment by NCR Corporation. NCR invested $5 million in exchange for 20% ownership interest in iATMglobal.net. NCR has agreed to enable iATMglobal.net’s e-commerce software on NCR ATMs.

![][1] iATMglobal.net will provide retailers, financial institutions and non-bank deployers of ATMs with a turnkey, software solution that Internet-enables ATMs facilitating the dynamic migration of e-commerce offerings from the Web to an ATM, giving consumers easy access to Internet transactions. In conjunction with strategic e-commerce partners, iATMglobal.net’s product suite will deliver to ATM users a wide variety of e-commerce transactions now available on the Web, such as movie, event or travel ticketing, pre-paid long distance or cellular service, Internet banking services or Internet product purchases.

Daniel Cohen, chairman of iATMglobal.net, commented that “our Company is creating a virtual distribution channel with convenient access to e-commerce goods and services through the worldwide network of ATMs. The strategic relationship with NCR not only validates our technology but significantly enhances our ability to rapidly scale our solution on a global basis.”

Pat Cronin, senior vice president of NCR’s Financial Solutions division said the iATMglobal.net solution fits tightly with the NCR strategy of enabling all ATMs with e-commerce capabilities.

Aided by investments from TRM and NCR, iATMglobal.net plans to introduce its first software solution later this year.

[1]: /graphic/trm/trm.gif

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Gold Line & Siemens

Siemens Information and Communication Networks, Inc. announced Gold Line Telemanagement, the largest independent supplier of pre-paid telephone services in Canada, has purchased Siemens’ Fast Feature Platform for implementing Internet-controlled pre-paid calling card services. Siemens Fast Feature Platform II (FFP II) is the platform that interacts with a switching system to enable telephony services such as PPDC. Along with the award-winning Fast Feature Platform, Gold Line is using Siemens’ networking products, including the EWSD digital switching system, the most widely deployed switching system in the world and the award-winning Customer Care and Business Management Platform (CCP), a platform to support customer service agents and generate reports to optimize operating profits.

“Gold Line maintains the highest Canadian volumes of calling card service sales, therefore we need a pre-paid system to maximize the benefits to our customers. We chose Siemens because they provided a complete package which allowed us to streamline our processes using the Internet. This gives us a competitive edge in a market where customer service is imperative for maintaining loyal customers,” said Ata Moeini, President, Gold Line. “Gold Line prides itself on providing the highest quality of services combined with the lowest prices. The pre-paid platform provided by Siemens enables us to meet our own standards to offer our customers better service without a need for any additional charges.”

“In the competitive pre-paid market, Siemens is able to offer our customers an advantage by providing them with their own in-house switching equipment, to go along with the FFP II. This gives Gold Line control over all activities on a daily basis,” said Michael Hanson, director of the AIN Business Unit for Siemens. “Siemens user-friendly Fast Feature Platform allows Gold Line to keep in touch with its customers and insure customer satisfaction.”

The FFP II is a robust, highly scalable, advanced multi-services platform designed to handle high performance, large network demands from growing service providers, hosting a wide variety of local and/or long distance services simultaneously.

Gold Line is taking advantage of a new group of revenue-producing, internet-enhanced advanced intelligent network (AIN) telephony services enabled by Siemens’ Fast Features Platform. These Internet-AIN based service concepts use the Internet based web browser to allow subscribers and small businesses to control powerful, yet easy-to-use services hosted on the Fast Feature Platform (FFP) system. This capability enables the end user to purchase, modify, and activate powerful new services via the Internet. Thus, powerful services become self-provisioning and activated by the end user. This creates additional revenue streams for Gold Line while reducing/eliminating the administration load on the service provider.

The award-winning Customer Care and Business Management Platform (CCP) supports customer service positions, allowing the customer service agents to access calling card histories in real-time and update calling card accounts while talking to customers. The CCP also enhances business profitability by running the industry standard Crystal Reports to generate tailored business reports needed to optimize operations in the fast-moving prepaid calling card market.

Siemens EWSD switches provide a robust platform, rated the most reliable in the United States by the FCC. The EWSD has the flexibility and scalability to address the increasingly diverse local and long distance voice, data and networking communications needs, for a wide range of residential and business customers.

About Gold Line

Gold Line Telemanagement Inc. is the largest provider of pre-paid long distance calling cards in Canada. Established in 1991, Gold Line is the only company of its type in North America that retains complete ownership and control of all aspects of its business. Based in Toronto, Canada, Gold Line has the highest volume of sales in the pre-paid market, as well as providing service internationally to over 55 countries across the globe. For more information about Gold Line and its products, please visit our Web site at http://www.goldline.net

About Siemens Information and Communication

Based in Boca Raton, Fla., Siemens Information and Communication Networks, Inc., is a leading provider of integrated voice and data networks with a comprehensive portfolio of products and solutions for enterprises, carriers and service providers. Last year, the company’s 7,000 U.S. employees generated sales of nearly $2 billion. For more information, visit the company’s web site at [http://www.icn.siemens.com[.][1]][2]

Siemens Carrier Networks, LLC, is creating converged carrier-class networks incorporating the intelligence and reliability of real-time voice networks into packet based networks. Its open architecture allows a variety of new multimedia based services to be introduced quickly and independently across a variety of network platforms.

Siemens’ Information and Communication Networks Group has many years of experience in consulting, planning, installing and operating converged networks. It is an integral part of the Information and Communications (I and C) business segment of Siemens AG, one of the world’s largest electrical engineering and electronics companies with sales totaling more than $74 billion. I and C comprises the three Groups Information and Communication Networks (51,500 employees, $10.6 billion in sales), Information and Communication Mobile (20,000 employees, $5.3 billion in sales), and Siemens Business Services (34,000 employees, $5.3 billion in sales).

[1]:
[2]: http://www.icn.siemens.com/

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AmEx Chile

Banco Santiago and American Express launched American Express charge and credit cards yesterday. Denominated in the Chilean peso, the cards are issued by Banco Santiago and accepted on the American Express global merchant network. With this launch, Banco Santiago becomes the first bank to issue American Express Cards in Chile. Under the agreement, Banco Santiago is responsible for all operations supporting the cards, including billing and payment systems, accounting, customer servicing, credit management and charge authorizations, as well as marketing the cards in Chile. In addition, Banco Santiago will take over responsibility for acquiring and servicing local merchants accepting the American Express Card in Chile. AmEx has now developed 64 such partnership arrangements in more than 70 countries. In Latin America alone, AmEx has established 19 partnership arrangements in 15 markets.

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Card Solutions

Home Account has expanded its Card Solutions services to include capabilities designed to make online credit card account management significantly more robust and competitive. Card Solutions ‘Internet Self Service’ featuring web-based card activation is now available to new and existing customers of Home Account. ‘Internet Self Service’ allows users to enroll, view current account activity and account history online, review and modify personal information such as address and phone numbers, initiate customer service inquiries, pay their credit card bill and request additional cards. In addition, users have the ability to manage their credit line and download transaction details. Another Card Solutions product available to card issuers is ‘Internet Account Acquisition’. Home Account customers can acquire accounts using the Internet with a turnkey solution for hosting, decisioning and booking approved applications for instant purchasing power.

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ProPay & AuctionWatch

ProPay, providers of a personal payment service that allows individuals to securely and easily accept credit cards online, in person or through WAP-enabled devices, announced a strategic partnership with AuctionWatch.com, the leading provider of solutions that enable businesses to leverage dynamic commerce. The agreement allows AuctionWatch.com’s sellers to accept a credit card directly from buyers, unlike other payment models that separate the buyer and seller from the credit card transaction by prefunding an account.

Through the partnership, AuctionWatch.com users are able to buy and sell using their ProPay commerce account. Buyers retain their full rights to dispute a charge through their credit card companies and are not required to disclose their confidential account information to the seller. Sellers are able to receive payment much quicker and can accept a credit card from any buyer regardless of whether or not the buyer has a ProPay account.

“ProPay’s services are the first of their kind for our site, where buyers can purchase knowing their credit card information is kept confidential and that they are protected against fraud, misrepresentation and unfulfilled delivery,” said Rodrigo Sales, CEO of AuctionWatch.com. “Increasing purchasing confidence and making the payment process more convenient are part of our dedication to providing our members with value-added services.”

ProPay Announces CEO;

Industry Veteran Brings Over 15 Years of Finance and Investment Experience

ProPay, providers of a personal payment service that allows individuals to securely and easily accept credit cards online, in person or through WAP-enabled devices, today announced that Gary Goodrich has joined the company as CEO.

Goodrich comes to ProPay with more than 15 years of finance industry experience. During his four years with Goldman, Sachs & Co., Goodrich helped launch the firm’s first modern stock exchange funds and became the West Coast restricted stock specialist, covering Silicon Valley technology companies. Goodrich also worked for Kidder, Peabody as the national director of a product group before later becoming a divisional vice president with Paine Webber, where he was integral in negotiating partnerships with third-party trust companies.

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Pautsch FI EVP

Fair, Isaac and Company, Inc. has named Mark Pautsch as its executive vice president of software product development and ASP operations. He will also be the company’s chief information officer. In this newly created position, Pautsch will report to President and CEO Tom Grudnowski and will be based in the company’s Arden Hills, Minnesota facility.

As Fair, Isaac’s CIO, Pautsch will oversee all IT operations, comprised of three key areas: the Computing Services unit, which includes the company’s world-class Data Center for ASP operations; all software product development activities; and the Information Systems & Technology unit, which provides computing and technology support to Fair, Isaac staff worldwide.

“This is a critical role in our organization, and we welcome Mark to our team,” said Grudnowski. “Fair, Isaac has always been known for strong analytics. As we continue our migration to an ASP delivery model and bring more of our analytics to the Web, we need to move quickly and stay ahead of the technology curve. With Mark’s successful track record in software development, as well as information system design, he will have a real impact on our business. He has the leadership and vision we need to spark accelerated progress in both the applications we are introducing to the market and the data infrastructure behind our ASP and other offerings.”

Prior to joining Fair, Isaac, Pautsch spent 21 years with Andersen Consulting, most recently as managing partner for the CIO Technology Services Organization. In that role, he directed the delivery of infrastructure and support services to the internal customers of Andersen Consulting globally, and oversaw a staff of 1500 personnel. Pautsch also managed and was one of the principal founders of Andersen Consulting’s Teleworks-Minneapolis Solution Center, focused on the design, implementation and deployment of software solutions for the telecommunications industry. His world-class software development expertise led Teleworks to achieve a Capability Maturity Model (CMM) Level 3 rating, which placed them in the top 15 percent of all software development organizations.

During his Andersen Consulting tenure, Pautsch was also focused on client work, specializing in the planning, design and installation of custom information systems for companies such as U.S. Bancorp, Northwest Airlines, and The Pillsbury Company. He holds a BBA in accounting from the University of Iowa, Iowa City, Iowa, and an MBA in management information systems from the University of Minnesota, in Minneapolis, Minnesota.

“I’m excited by Fair, Isaac’s leadership and its vision to be the top provider of decision technology over the Web,” said Pautsch. “Rapidly deploying new and existing Fair, Isaac solutions over the Internet will be my top priority, followed closely by the work my research team will do to bring new software technologies to bear on Fair, Isaac solutions.”

About Fair, Isaac

Fair, Isaac is a global provider of customer analytics and decision technology. Widely recognized for its pioneering work in credit scoring, Fair, Isaac revolutionized the way lending decisions are made. Today the company helps clients in multiple industries increase the value of customer relationships. Fair, Isaac has made the Forbes list of the top 200 U.S. small companies seven times in the last eight years, and was named by InformationWeek as one of the top 50 application service providers. Headquartered in San Rafael, California, Fair, Isaac has 21 offices worldwide.

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BOM to CU

Bank of Montreal has arranged for the purchase of 13 of its branches by credit unions in British Columbia. The agreement was co-ordinated through Credit Union Central of British Columbia.

The transaction will result in an aggregate pre-tax gain for Bank of Montreal of approximately $10 million, subject to closing adjustments. Given the phased transfer of ownership over the next few months, the gain will be reported in the fourth quarter of fiscal 2000.

The transaction involves 11 credit unions, 13 bank branches and 67 bank employees. The branches have approximately $560 million in funds under administration.

Bank staff were informed of the agreement today. The credit unions involved are offering continued employment to bank employees. The transaction excludes certain products and services such as mutual funds and MasterCard credit card accounts.

“We are pleased that these transactions provide for both continued branch banking services and employment in these communities,” said Gail Cocker, Senior Vice-President, BC & Yukon Division, Bank of Montreal.

After the transaction closes, Bank of Montreal will continue to operate 130 branches in British Columbia.

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