BALTIMORE, March 5 /PRNewswire-FirstCall/ -- Provident Bankshares
Corporation (Nasdaq: PBKS), the parent company of Provident Bank, today
announced that Standard & Poor's (S&P) raised its counterparty credit
rating of Provident Bank from BBB to BBB+ on February 26, 2007. The rating
outlook is stable.
S&P announced that the upgraded rating reflects Provident Bank's
progress in strengthening the balance sheet and delivering improved
earnings performance. S&P cited the Bank's success in improving
profitability dynamics and the fact that the Bank's core deposits
completely fund the loan portfolio. The continued transformation of the
balance sheet from wholesale loans and securities to core
relationship-based loans was also a factor in the rating decision. In
addition, the improvement in capital levels was acknowledged.
"We are certainly pleased with the rating conclusion reached by S&P,
and we believe it is reflective of our strategic objective to continually
improve financial fundamentals," said Dennis Starliper, Executive Vice
President and Chief Financial Officer.
About Provident Bankshares Corporation
Provident Bankshares Corporation is the holding company for Provident
Bank, the largest independent commercial bank headquartered in Maryland.
With $6.3 billion in assets, Provident serves individuals and businesses in
the key metropolitan areas of Baltimore, Washington and Richmond through a
branch network of 155 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.
Forward-looking Statements
This press release, as well as other written communications made from
time to time by Provident Bankshares Corporation and its subsidiaries (the
"Company") and oral communications made from time to time by authorized
officers of the Company, may contain statements relating to the future
results of the Company (including certain projections and business trends)
that are considered "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995 (the "PSLRA"). Such
forward-looking statements may be identified by the use of such words as
"believe," "expect," "anticipate," "should," "planned," "estimated,"
"intend" and "potential." Examples of forward-looking statements include,
but are not limited to, possible or assumed estimates with respect to the
financial condition, expected or anticipated revenue, and results of
operations and business of the Company, including earnings growth, revenue
growth in retail banking, lending and other areas; origination volume in
the Company's consumer, commercial and other lending businesses; asset
quality and levels of non-performing assets; current and future capital
management programs; non-interest income levels, including fees from
services and product sales; tangible capital generation; market share;
expense levels; and other business operations and strategies. For these
statements, the Company claims the protection of the safe harbor for
forward-looking statements contained in the PSLRA. No forward-looking
statement can be guaranteed, and actual results may differ from those
projected. The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
events or otherwise. Forward-looking statements in this release should be
evaluated together with the uncertainties that affect the Company's
business, particularly those mentioned under the headings "Forward -Looking
Statements" and "Item 1A. Risk Factors" in the Company's Form 10-K for the
year ended December 31, 2006, and its reports on Forms 10-Q and 8-K, which
the Company incorporates by reference.
SOURCE Provident Bankshares Corporation
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Related links:
http://www.provbank.com
http://www.prnewswire.com/comp/721938.html/
CONTACT:
Media: Lillian Kilroy, +1-410-277-2833,
Investors: Melissa P. Kelly, +1-410-277-2080, both of Provident
Bankshares Corporation
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