BALTIMORE, Feb. 28 /PRNewswire-FirstCall/ -- Provident Bankshares
Corporation ("Provident")(Nasdaq: PBKS) announced today that it will redeem in
full Provident Trust II Trust Preferred Securities (Nasdaq: PBKSP), at par on
March 31, 2005. There are $30.0 million in aggregate principal amount of
Capital Securities outstanding, at an interest rate of 10.0%. The Capital
Securities have a final stated maturity of March 31, 2030, but are callable at
par beginning on March 31, 2005. Deutsche Bank Trust Company Americas,
formerly Bankers Trust Company ("Deutsche Bank"), the trustee for Provident
Trust II, will notify Capital Security holders of the redemption. Capital
Security holders will also receive interest payments due March 31, 2005.
Provident Bankshares Corporation is the holding company for Provident
Bank, the second largest independent commercial bank headquartered in
Maryland. With $6.6 billion in assets, Provident serves individuals and
businesses in the key urban areas of Baltimore, Washington and Richmond
through a network of 149 offices in Maryland, Virginia, and southern York
County, PA. Provident Bank also offers related financial services through
wholly owned subsidiaries. Securities brokerage, investment management and
related insurance services are available through Provident Investment Center
and leases through Court Square Leasing and Provident Lease Corp. Visit
Provident on the web at http://www.provbank.com.
SOURCE Provident Bankshares Corporation
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http://www.provbank.com
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CONTACT:
Media - Lillian Kilroy, +1-410-277-2833, or
Investment Community - Patricia Ferrick, +1-703-352-2583, both
for Provident Bankshares Corporation
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