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WILMINGTON, Del., October 24, 2002 -- MBNA Corporation issues the following statement: "The Board of Directors of MBNA Corporation sadly reports that its Chairman and Chief Executive Officer, Al Lerner, passed away last night. Mr. Lerner is survived by his wife of 47 years, Norma; his son Randy and his wife Lara; his daughter Nancy and her husband Bill; 7 grandchildren; and the 28,000 people of MBNA. All of us at MBNA have lost something that can never be replaced. It was Al Lerner's vision, leadership, drive and reputation for integrity that made MBNA happen back in 1991. And it was Al Lerner's guidance that ensured its steady growth and superb financial performance since then. 'He was our friend, leader and inspiration -- he will always be our hero,' said Charlie Cawley, President of MBNA Corporation." MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $102.8 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com provides credit card, consumer loan, retail deposit, travel and shopping services.
Securitizes $300 Million of Credit Card Receivables WILMINGTON, Del., October 22, 2002 -- MBNA Corporation (NYSE:KRB) and its wholly owned subsidiary, MBNA America Bank, N.A., announced today that through the MBNA Credit Card Master Note Trust it will issue three tranches of subordinate credit card asset backed notes totaling $300 million. The Class B (2002-4) tranche consists of $200 million floating rate asset backed notes. The five-year Class B (2002-4) notes were priced at par and will accrue interest at 50 basis points over one-month LIBOR. The Class B (2002-4) tranche which is scheduled to close on October 29, 2002, was lead managed by Deutsche Bank Securities. The Class C (2002-6) tranche consists of $50 million floating rate asset backed notes. The ten-year Class C (2002-6) notes were priced at par and will accrue interest at 200 basis points over the one-month London Interbank Offered Rate ("LIBOR"). The Class C (2002-7) tranche consists of $50 million fixed rate asset backed notes. The ten-year 6.70% Class C (2002-7) notes were priced at 99.66239% to yield 6.842%. The Class C (2002-6) and Class C (2002-7) transactions, which are also scheduled to close on October 29, 2002, were lead managed by Lehman Brothers. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $102.8 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel and shopping services.
Announces Preferred Stock Dividends WILMINGTON, Del., October 17, 2002 -- MBNA Corporation announced today a quarterly dividend of $.46875 per share on the 7-1/2% Cumulative Preferred Stock, Series A, a quarterly dividend of $.3438 per share on the Adjustable Rate Cumulative Preferred Stock, Series B, and a quarterly dividend of $.515625 on the 8-1/4% MBNA Capital C Trust Originated Preferred Securities. All preferred stock dividends are payable January 15, 2003 to stockholders of record as of December 31, 2002. MBNA Corporation (NYSE:KRB), a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $102.8 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.
Announces Quarterly Common Stock Dividend WILMINGTON, Del., October 17, 2002 -- MBNA's Board of Directors declared a quarterly cash dividend of $.07 per common share, payable January 1, 2003 to stockholders of record as of December 13, 2002. MBNA Corporation (NYSE:KRB), a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $102.8 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.
Reports Increase in Earnings Per Common Share WILMINGTON, Del., October 17, 2002 -- MBNA Corporation (NYSE:KRB) announced today that net income for the third quarter of 2002 was $398.0 million or $.30 per common share after the implementation of the FFIEC guidance for uncollectible accrued interest and fees. This compares with $478.3 million or $.36 per common share for the third quarter of 2001. Prior to the implementation of the FFIEC rule change, net income for the third quarter rose to $565.2 million or $.43 per common share, an increase of 19% compared with prior year's earnings. During the third quarter, in accordance with recently published guidance for all credit card issuers from federal bank regulatory agencies and as previously described in the Corporation's Form 10Q filed in August 2002, the Corporation adopted the FFIEC guidance. Implementation of the change resulted in a one-time after-tax charge in the third quarter of 2002 of $167.2 million or $.13 per common share. The change will not have a material effect on earnings in subsequent periods. For the first nine months of 2002, net income inclusive of the FFIEC change was $1.226 billion or $.93 per common share. Before this one-time charge, net income for the first nine months of 2002 rose to $1.393 billion or $1.06 per common share, compared with $1.170 billion or $.88 per common share for the first nine months of 2001. Total managed loans at September 30, 2002 were $102.8 billion, a $2.8 billion increase ($3.2 billion before adjustment for the FFIEC) over second quarter 2002. In the first nine months of 2002, the Corporation acquired 300 new endorsements from a variety of organizations in the United States, United Kingdom, and Canada. Endorsements acquired in the third quarter include, for example, Dartmouth College, Tufts University, Virginia Commonwealth University, Lucasfilm, Canadian Bar Association, PGA Tour Inc. (Canada), Kings College London (U.K.), and the University of Bristol (U.K.). The company also renewed more than 850 group contracts during the first nine months of 2002, including more than 250 in the third quarter. During the first nine months of 2002, the Corporation added 11.7 million new Customers (9.8 million new accounts). The characteristics of new cardholders are consistent with the superior quality of the Corporation's existing cardholders. The typical new Customer has a $72,000 annual household income, has been employed for 11 years, owns a home, and has a 17-year history of paying bills promptly. Managed loan losses for the third quarter of 2002 were 4.84% compared to 5.09% in the second quarter of 2002. Loan losses continue to be significantly lower than published industry levels. MBNA.com, introduced in the first quarter of 2000, now serves more than 8.2 million Customers. Through September 30, 2002, 5.2 million MBNA Customers have enrolled to use NetAccess, MBNA's online service, including 1.9 million in the first nine months of 2002. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $102.8 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.
Comments on Rumor that Earnings Announcement had to be Delayed WILMINGTON, Del., October 9, 2002 -- MBNA issued the following statement today: "There is a rumor circulating that MBNA has had to delay its earnings release. We did not have to delay our release and that rumor is absolutely not true. We've planned to announce our third quarter earnings on October 17, 2002 for several months and that is the date we will release them." MBNA Corporation (NYSE:KRB), a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $100 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.
Securitizes $1.0 Billion of Credit Card Receivables WILMINGTON, Del., September 12, 2002 -- MBNA Corporation (NYSE:KRB) and its wholly owned subsidiary, MBNA America Bank, N.A. announced today that through the MBNA Credit Card Master Note Trust it will issue $1.0 billion in credit card asset backed notes. The Class A (2002-10) tranche consists of $1.0 billion floating rate asset backed notes. The five-year Class A (2002-10) notes were priced at par and will accrue interest at 14 basis points over the one-month London Interbank Offered Rate ("LIBOR"). The transaction, which is scheduled to close on September 19, 2002, was joint lead managed by Salomon Smith Barney and Barclays Capital and co-managed by Banc of America Securities LLC; Banc One Capital Markets, Inc.; Deutsche Bank Securities; JPMorgan and Lehman Brothers. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $100 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel and shopping services.
Securitizes $450 Million Of Credit Card Receivables WILMINGTON, Del., August 22, 2002 -- MBNA Corporation (NYSE: KRB) and its wholly owned subsidiary, MBNA America Bank, N.A. announced today that through the MBNA Credit Card Master Note Trust it will issue three tranches of subordinate credit card asset backed notes totaling $450 million. The Class B (2002-3) tranche consists of $250 million floating rate asset backed notes. The three-year Class B (2002-3) notes were priced at par and will accrue interest at 40 basis points over the one-month London Interbank Offered Rate ("LIBOR"). The Class B (2002-3) transaction, which is scheduled to close on August 29, 2002, was lead managed by Deutsche Bank Securities and co-managed by Banc One Capital Markets Inc.; JPMorgan; Merrill Lynch & Co. and Salomon Smith Barney. The Class C (2002-4) tranche consists of $100 million floating rate asset backed notes. The five-year Class C (2002-4) notes were priced at par and will accrue interest at 120 basis points over the one-month London Interbank Offered Rate ("LIBOR"). The Class C (2002-5) tranche consists of $100 million fixed rate asset backed notes. The three-year 4.05% Class C (2002-5) notes were priced at 99.89092% to yield 4.124%. The Class C (2002-4) and Class C (2002-5) transactions, which are also scheduled to close on August 29, 2002, were lead managed by Salomon Smith Barney and co-managed by Credit Suisse First Boston; Deutsche Bank Securities; JPMorgan and Lehman Brothers. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $100 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com provides credit card, consumer loan, retail deposit, travel and shopping services.
Acquires $1.2 Billion Alliance & Leicester plc Credit Card Portfolio WILMINGTON, Del., August 1, 2002 -- MBNA America Bank, N.A., the world's largest independent credit card lender, today announced that MBNA Europe Bank Limited has acquired the $1.2 billion credit card portfolio of Alliance & Leicester plc (A&L), one of the UK's largest financial services companies. As part of the agreement, MBNA will own A&L's credit card receivables and will manage the card program under the A&L brand. MBNA will be responsible for all credit, Customer Service, Customer Assistance and operational decisions. The acquisition includes a long-term agreement under which MBNA will market credit cards to A&L's 5.5 million Customers through A&L's 310 branches in the UK, and by other means. MBNA also will develop products and services for A&L's 1.34 million existing cardholders, and for future A&L card Customers. The characteristics of the cardholders in the A&L portfolio are consistent with the superior quality of MBNA's existing cardholders. Bruce L. Hammonds, Chief Executive Officer of MBNA America Bank, N.A., said, "The quality of the A&L card portfolio is exceptional. A&L cardholders have many of the same superior characteristics as existing MBNA cardholders. At the same time, there's terrific potential for growing the portfolio, which we'll do by offering a wider range of products and services." Richard Pym, Group Chief Executive of Alliance & Leicester, said, "We are delighted to announce this partnership arrangement with MBNA. At Alliance & Leicester we are committed to providing our Customers with a full range of personal banking products, including an attractive choice of credit cards. After a full review we have concluded that the best way to do this for our credit card Customers going forward is through this arrangement with the world's leading independent credit card lender, MBNA." Inclusive of the A&L portfolio, MBNA today has more than a 14% market share of all credit card receivables in the United Kingdom and a 19% share in Ireland. The company has achieved this position by providing Customers the finest products, backed by consistently top-quality service. MBNA will manage the A&L card portfolio from its administrative and operations facilities in Chester, England. The bank also has facilities in London and in Carrick-on-Shannon and Dublin, Ireland. MBNA also recently announced that it has begun developing operations in Spain. About Alliance & Leicester plc About MBNA
Securitizes $1.1 Billion of Credit Card Receivables WILMINGTON, Del., July 18, 2002 -- MBNA Corporation (NYSE:KRB) announced today that MBNA America Bank, N.A., its wholly owned subsidiary, will issue two tranches of credit card asset backed notes totaling $1.1 billion through the MBNA Credit Card Master Note Trust. The Class A (2002-8) tranche consists of $400 million floating rate asset backed notes. The seven-year Class A (2002-8) notes were priced at par and will accrue interest at 15 basis points over the three-month London Interbank Offered Rate ("LIBOR"). The Class A (2002-8) transaction, which is scheduled to close on July 31, 2002, was lead managed by Banc One Capital Markets, Inc. and Lehman Brothers. The Class A (2002-9) tranche consists of $700 million floating rate asset backed notes. The five-year Class A (2002-9) notes were priced at par and will accrue interest at 9 basis points over the three-month London Interbank Offered Rate ("LIBOR"). The Class A (2002-9) transaction, which is also scheduled to close on July 31, 2002, was lead managed by Banc of America Securities LLC and Lehman Brothers and co-managed by Banc One Capital Markets, Inc.; Barclays Capital; Credit Suisse First Boston; Merrill Lynch & Co.; and Salomon Smith Barney. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $100 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel and shopping services.
Announces Quarterly Common Stock Dividend WILMINGTON, Del., July 16, 2002 -- MBNA's (NYSE:KRB) Board of Directors declared a quarterly cash dividend of $.07 per common share, payable October 1, 2002 to stockholders of record as of September 16, 2002. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $100 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.
Announces Preferred Stock Dividends WILMINGTON, Del., July 11, 2002 -- MBNA Corporation (NYSE:KRB) announced today a quarterly dividend of $.46875 per share on the 7 1/2% Cumulative Preferred Stock, Series A, a quarterly dividend of $.3474 per share on the Adjustable Rate Cumulative Preferred Stock, Series B, and a quarterly dividend of $.515625 on the 8 1/4% MBNA Capital C Trust Originated Preferred Securities. All preferred stock dividends are payable October 15, 2002 to stockholders of record as of September 30, 2002. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $100 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.
Managed Loans Grow $4.6 Billion to $100 Billion WILMINGTON, Del., July 11, 2002 -- MBNA Corporation (NYSE:KRB) announced today that net income for the second quarter of 2002 rose to $457.8 million or $.52 per common share, an increase of 21%, compared with $380.1 million or $.43 per common share for the second quarter of 2001. For the first six months of this year, net income rose to $827.8 million or $.94 per common share, compared with $691.2 million or $.78 per common share for the first half of 2001. Total managed loans at June 30, 2002, were $100 billion, a $4.6 billion increase over first quarter 2002. In the first half of the year, the Corporation acquired 214 new endorsements from organizations including, for example, Ohio State University, Reebok, Mothers Against Drunk Driving (M.A.D.D.), Air Canada (U.S.), Florida Marlins, Baby Mint, Avon Canada, Inc., Manulife Bank of Canada, University of Western Ontario, University of Pittsburgh, and the National Basketball Association. The company renewed more than 600 group contracts during the first six months of the year, including LPGA, University of Montana, Northern Trust Company, American Angus Association, and the Arizona Nurses Association. In addition to the new endorsement of the National Basketball Association, MBNA is the official credit card company of the National Football League, Major League Baseball, the National Hockey League, NASCAR, the United States Tennis Association, and the PGA TOUR. MBNA's sports sector markets to over 100 million fans through more than 650 sports-related organizations in every major sport including football, baseball, auto racing, hockey, tennis, basketball, golf, soccer, equestrian, and rugby. More than 9.1 million Customers carry nearly $10 billion in loan balances on MBNA sports-related products. During the first six months of 2002, the Corporation added 7.4 million new Customers (6.3 million new accounts), with 5.0 million new Customers (4.2 million new accounts) added in the second quarter. The characteristics of new cardholders are consistent with the superior quality of the Corporation's existing cardholders. The typical new Customer has a $72,000 annual household income, has been employed for 11 years, owns a home, and has a 17-year history of paying bills promptly. Delinquency on total managed loans was 4.80% at June 30, 2002. Managed loan losses for the first six months of 2002 were 5.04%. Loan losses continue to be significantly lower than published industry levels. MBNA.com, introduced in the first quarter of 2000, now serves more than 7.3 million Customers. Through June 30, 2002, more than 4.5 million MBNA Customers have enrolled to use Net Access, MBNA's online banking service, including 1.2 million in the first half of 2002. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $100 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.
Securitizes $750 Million of Credit Card Receivables WILMINGTON, Del., June 19, 2002 -- MBNA Corporation (NYSE:KRB) announced today that MBNA America Bank, N.A., its wholly owned subsidiary, will issue $750 million in credit card asset backed notes through the MBNA Credit Card Master Note Trust. The Class A (2002-6) tranche consists of $750 million fixed rate asset backed notes. The three-year 3.90% Class A (2002-6) notes were priced at 99.943899% to yield 3.952%. The transaction, which is scheduled to close on June 26, 2002, was lead managed by Barclays Capital and Deutsche Bank Securities and co-managed by Banc of America Securities LLC, Banc One Capital Markets, Inc., Credit Suisse First Boston, Lehman Brothers and Salomon Smith Barney. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $98 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel and shopping services.
Securitizes $200 Million of Credit Card Receivables WILMINGTON, Del., June 6, 2002 -- MBNA Corporation (NYSE:KRB) announced today that MBNA America Bank, N.A., its wholly owned subsidiary, will issue $200 million in credit card asset backed notes through the MBNA Credit Card Master Note Trust. The Class C (2002-3) tranche consists of $200 million floating rate asset backed notes. The ten-year Class C (2002-3) notes were priced at par and will accrue interest at 135 basis points over the one-month London Interbank Offered Rate ("LIBOR"). The transaction, which is scheduled to close on June 12, 2002, was lead managed by Lehman Brothers and co-managed by Credit Suisse First Boston, Deutsche Bank Securities, JPMorgan, and Salomon Smith Barney. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $98 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com provides credit card, consumer loan, retail deposit, travel and shopping services.
Announces Stock Split of Common Shares WILMINGTON, Del., June 6, 2002 -- MBNA Corporation (NYSE:KRB) announced today a three-for-two stock split of its common shares. This will be effected in the form of a dividend, with one additional common share issued on July 15, 2002 for every two common shares held by stockholders of record as of the close of business on July 1, 2002. In April, MBNA's Board of Directors announced a dividend of $.10 per common share payable July 1, 2002 to stockholders of record as of June 14, 2002. This dividend will be paid based on pre-split common stock shares owned. In mid-July, MBNA's Board of Directors expects to declare a quarterly dividend of $.07 per common share payable October 1, 2002 based on post-split common stock shares owned. Based on split adjusted dividend rates, this would be a 5% increase in the dividend per common share. This will be MBNA's seventh stock split since the company's initial public offering in 1991. Over that time frame, the annual increase in MBNA's common stock has averaged over 35%. The dividend per common share has been increased 12 times since 1991. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $98 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan and insurance products.
Securitizes $250 Million of Credit Card Receivables WILMINGTON, Del., June 3, 2002 -- MBNA Corporation (NYSE:KRB) announced today that MBNA America Bank, N.A., its wholly owned subsidiary, will issue $250 million in credit card asset backed notes through the MBNA Credit Card Master Note Trust. The Class B (2002-2) tranche consists of $250 million floating rate asset backed notes. The five-year Class B (2002-2) notes were priced at par and will accrue interest at 38 basis points over the one-month London Interbank Offered Rate ("LIBOR"). The transaction, which is scheduled to close on June 12, 2002, was lead managed by Merrill Lynch & Co. and co-managed by Deutsche Bank Securities, JPMorgan, Lehman Brothers and Salomon Smith Barney. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $98 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products.
Securitizes $750 Million Of Credit Card Receivables WILMINGTON, Del., May 15, 2002 -- MBNA Corporation announced today that MBNA America Bank, N.A., its wholly owned subsidiary, will issue $750 million in credit card asset backed notes through the MBNA Credit Card Master Note Trust. The Class A (2002-5) tranche consists of $750 million floating rate asset backed notes. The seven-year Class A (2002-5) notes were priced at par and will accrue interest at 18 basis points over the one-month London Interbank Offered Rate ("LIBOR"). The transaction, which is scheduled to close on May 30, 2002, was lead managed by Banc One Capital Markets, Inc. and Lehman Brothers and co-managed by Banc of America Securities LLC, Credit Suisse First Boston, Deutsche Bank Securities, Merrill Lynch & Co. and Salomon Smith Barney. MBNA Corporation (NYSE:KRB), a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $98 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel and shopping services.
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