BALTIMORE, June 17 /PRNewswire-FirstCall/ -- Provident Bankshares
Corporation (the "Corporation") (Nasdaq: PBKS) announced today that its Board
of Directors has approved a stock repurchase program (the "Repurchase
Program") authorizing the Corporation to repurchase up to 1.3 million shares,
or approximately 4%, of its outstanding common stock. The Repurchase Program
will commence following this announcement and will continue until the
Repurchase Program is completed. The repurchases, which will be conducted
through open market purchases or privately negotiated purchases, will be made
from time to time, subject to market conditions, at the discretion of
management of the Corporation.
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 about 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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Related links:
http://www.provbank.com
Company News On-Call:
http://www.prnewswire.com/comp/721938.html
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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