BALTIMORE, March 31 /PRNewswire-FirstCall/ -- Provident Bankshares
Corporation ("Provident") (Nasdaq: PBKS) today announced that its subsidiary,
Provident Trust II, completed the redemption of Provident Trust II Trust
Preferred Securities (Nasdaq: PBKSP) at par on March 31, 2005. Capital
Security holders also received interest payments due March 31, 2005. There
were $30.0 million in aggregate principal amount of Capital Securities
outstanding, at an interest rate of 10.0%. The Capital Securities had a final
stated maturity of March 31, 2030, but were callable at par beginning on March
31, 2005. In connection with the redemption, Provident redeemed $30,927,850
aggregate principal amount of its 10% junior subordinated debentures due 2030,
the redemption price consisting of the $30,927,850 aggregate principal amount
plus aggregate unpaid interest of $750,000.
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, Pennsylvania. 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 of
Provident Bankshares Corporation
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