BALTIMORE, June 15 /PRNewswire-FirstCall/ -- Provident Bankshares
Corporation ("Provident") (Nasdaq: PBKS) announced today that it will redeem
in full Southern Financial Capital Trust I Trust Preferred Securities
(Nasdaq: SFFBP), at 105.5% of par on July 15, 2005. Trust Preferred Security
holders will also receive interest payments due July 15, 2005. There are
$5.0 million in aggregate principal amount of Capital Securities outstanding,
at an interest rate of 11.0%. The Capital Securities have a final stated
maturity of July 15, 2030, but are callable beginning on July 15, 2005.
Wilmington Trust Company, the trustee for Southern Financial Capital Trust I,
will notify Trust Preferred Security holders of the redemption.
Provident Bankshares Corporation is the holding company for Provident
Bank, the second largest independent commercial bank headquartered in
Maryland. With $6.4 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 Company
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: Melissa Kelly, +1-410-277-2080, both of
Provident Bankshares
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