BALTIMORE, Md., May 8 /PRNewswire-FirstCall/ -- Provident Bankshares
Corporation (Nasdaq: PBKS), the parent company of Provident Bank, and Union
Bankshares (Nasdaq: UBSH) today announced the execution of an agreement for
the banking subsidiaries of Union Bankshares to acquire the deposits and
facilities of six Provident Bank branches in western and central Virginia.
"The sale of these branches is consistent with our previously stated
strategies to optimize our branch network and to focus on our core markets
-- the high growth, metropolitan areas of Baltimore, Washington and
Richmond. We will continue to invest in locations that meet our expansion,
market share and profitability goals," said Chairman and CEO Gary N.
Geisel. "We are pleased that Union Bankshares will continue our commitment
to customers and employees at these six locations and know that both will
continue to be well-served."
The branches that will be sold are located in western and central
Virginia, in the towns of Charlottesville, Middleburg, Warrenton and
Winchester. Under the terms of the agreement, employees in the affected
branches will be offered employment opportunities by Union Bankshares after
the close of the transaction.
Pending regulatory approvals, it is anticipated that the transaction
will be completed during the third quarter of 2007. The six branches being
acquired have current total deposits of approximately $46 million.
About Provident Bankshares Corporation
Provident Bankshares Corporation is the holding company for Provident
Bank, the largest independent commercial bank headquartered in Maryland.
With $6.2 billion in assets, Provident serves individuals and businesses in
the key metropolitan areas of Baltimore, Washington and Richmond through a
current branch network of 148 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.
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, +1-410-277-2883, or
Investment Community, Melissa P. Kelly, +1-410-277-2080, both of
Provident Bankshares Corporation
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