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October 09, 2015 8:53 PM ET


Company Overview of Discover Bank

Company Overview

Discover Bank provides personal and commercial banking services. It offers online savings accounts, money market and certificate of deposits accounts, individual retirement account CD accounts, credit cards, and college and graduate school loans. Discover Bank was formerly known as Greenwood Trust Company and changed its name to Discover Bank in August 2000. The company was founded in 1911 and is based in Greenwood, Delaware. Discover Bank operates as a subsidiary of Discover Financial Services.

502 East Market Street

Greenwood, DE 19950

United States

Founded in 1911





Key Executives for Discover Bank

Chairman and Chief Executive Officer
Age: 54
Chief Operating Officer
Age: 50
Executive Vice President and Chief Financial Officer
Age: 50
Senior Vice President and Chief Marketing Officer
Executive Vice President, Secretary and General Counsel
Age: 55
Compensation as of Fiscal Year 2015.

Discover Bank Key Developments

Discover Bank Issues $1 Billion of its 2.600% Notes Due Nov. 13, 2018

Discover Financial Services announced that its unit Discover Bank issued and sold $1 billion of its 2.600% notes due Nov. 13, 2018. Interest on the notes will be payable semiannually in arrears May 13 and Nov. 13 of each year, starting May 13, 2016, and on the date of maturity. Payments will include interest accrued to but excluding the relevant payment date.

Discover Bank to Pay $18.5 Million in Fines, Refunds

Discover Bank and two affiliates will pay $18.5 million in consumer refunds and fines for using illegal practices while servicing private student loans. The company overstated the minimum amounts due on billing statements, failed to provide information borrowers needed to obtain federal income tax benefits and used illegal debt-collection practices by calling borrowers early in the morning and late at night. The bank declined to comment on the consent order and neither admitted nor denied the findings. The bank must also pay a $2.5 million CFPB penalty, as well as ensure that it accurately presents minimum required loan payments, sends clear and accurate tax information to borrowers and stops phoning borrowers during early and late hours.

Discover Bank Issues and Sold $1,250,000,000 Aggregate Principal Amount of its 3.100% Notes Due 2020

On June 4, 2015, Discover Bank issued and sold $1,250,000,000 aggregate principal amount of its 3.100% Notes due 2020. The Notes were issued pursuant to a Fiscal and Paying Agency Agreement, dated June 4, 2015, between the Bank, as issuer of the Notes, and U.S. Bank National Association, as fiscal and paying agent. The Notes were issued pursuant to an exemption from registration provided by Section 3(a)(2) of the Securities Act of 1933, as amended. The Notes mature on June 4, 2020. The Notes are subject to redemption at the option of the Bank, at any time after May 4, 2020, in whole or in part on no less than 10 nor more than 60 days' prior notice delivered to the holders. The Notes will bear interest semi-annually at the rate of 3.100% per annum from June 4, 2015 until the principal of the Notes has been paid in full or a sum sufficient to pay the principal of the Notes has been made available for payment. Interest on the Notes will be payable semi-annually in arrears June 4 and December 4 of each year, commencing December 4, 2015, and on the date of maturity (each, an Interest Payment Date). Payments will include interest accrued to (but excluding) the relevant Interest Payment Date. Interest on the Notes will be calculated on the basis of a 360 day year of twelve 30-day months.

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