Pitney Bowes 2008 Annual Report Download - page 97

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
78
outstanding balances. See discussion on Pitney Bowes Bank below. As part of our transition initiatives, we recorded a charge of
$46.1 million in 2007 for the impairment of unguaranteed residual values which was included in the restructuring charges and asset
impairments line of the Consolidated Statement of Income. Also see Note 14 to the Consolidated Financial Statements for further
details.
Maturities of gross finance receivables are as follows:
Years ending December 31,
2009 $ 1,677,044
2010 731,128
2011 499,862
2012 290,014
2013 122,074
Thereafter 18,677
Total $ 3,338,799
Pitney Bowes Bank
The Pitney Bowes Bank (PBB), our wholly owned subsidiary, is a Utah-chartered Industrial Loan Company (ILC). At December 31,
2008, PBB had assets of $690 million and liabilities of $630 million. The bank’s assets consist of finance receivables, short and long-
term investments and cash. PBB’s key product offering, Purchase Power, is a revolving credit solution, which enables customers to
defer payment for postage when they refill their meter. PBB earns revenue through transaction fees, finance charges on outstanding
balances, and other fees for services. The bank’s liabilities consist primarily of PBB’s deposit solution, Reserve Account, which
provides value to large-volume mailers who prefer to prepay postage and earn interest on their deposits. The FDIC and the Utah
Department of Financial Institutions provide oversight of PBB.