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PROVIDENT BANK PROVIDES ONLINE LETTERS OF CREDIT THROUGH TECHNOLOGY PLATFORM DESIGNED BY EC-FINANCE Cincinnati, December 5, 2000 - Provident Bank announced today it will offer its customer’s the ec-Finance FastLCTM product, the first online Letter of Credit (LC) product for business-to-business (B2B) exchanges. With FastLC, Provident’s customers will now be able to complete LC financing in a transparent, efficient and secure environment with the integration of information available through a one-stop Web-based format. New York-based ec-Finance designs, develops and markets Internet-based financial solutions for trade financing. “ec-Finance has created an innovative LC solution that makes participation in this new International Banking service a reality for our business customers,” said Rodger Davis, Provident Executive Vice President, Commercial Products Administration. “Working with ec-Finance’s FastLC solution, will enable Provident to enter the online import/export trade financing business by offering Internet-based LCs to B2B exchanges as a bank financing and payment partner.” “With FastLC, Provident enables customers and B2B exchanges to rely upon its long accepted role as a trusted third party in international trade transactions,” said Janet Handal, President of ec-Finance. “Together with Provident, we are also encouraging the entry of new buyers and sellers, as well as B2B exchanges into international trade with products ideally suited to facilitate their needs.” ec-Finance specifically designed FastLC to meet the rising demand among B2B exchanges for an efficient, online financing alternative. FastLC greatly facilitates the trade process by acquiring transaction information and payment instructions seamlessly from the B2B site to one of its bank payment partners for execution. The collection and transfer of data occurs completely within a frame on the B2B site, ensuring that the site retains the customer at all times. B2B customers will now be able to select Provident to execute the LC from ec-Finance’s roster of payment partners. Since 1980, Provident has been offering International Banking products and services to its middle market and small business customers such as Letters of Credit, Documentary Collections, Foreign Exchange/Currency Services and International Cash Management Services. About Provident Bank The Provident Bank is the main subsidiary of Provident Financial Group, Inc. (Nasdaq: PFGI), a Cincinnati-based company with $13.1 billion in on-balance sheet assets and $19.2 billion in managed assets. The Provident Bank provides full-service retail and commercial banking operations regionally and nationally. Additional company information is available at http://www.provident-bank.com. About ec-Finance Combining 30 years of experience in international trade with Internet banking and information technology expertise earned at major financial services institutions and the White House, ec-Finance provides Internet-based Letter of Credit (LC) products for B2B exchanges and banks which represents significant improvements over existing LC products. ec-Finance’s core technology platform enables the bank to offer their clients the ability to apply for LC’s online, and to initiate and iteratively negotiate amendments and discrepancies. All supply chain participants the banks, as well as the buyer and seller - are able to monitor the status of the LC. This system enables the buyer, seller, and issuing and advising bank to streamline the LC process by organizing critical information into a Web-enabled, queriable database - eliminating the fragmentation that can occur in the “off-line” process. FastLC provides for acquisition of LCs from B2B exchanges, which are then executed by one of ec-Finance’s established bank payment partners. For more information, please visit our site at www.ec-finance.com. For further information, please contact:
Note to the Editor: FastLC was designed to meet the rising demand among B2B exchanges for Web-based financing instruments. The process is as follows:
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