BALTIMORE, Sept. 10 /PRNewswire-FirstCall/ -- Provident Bankshares
Corporation (Provident) (Nasdaq: PBKS), and Union Bankshares Corporation
(Union) (Nasdaq: UBSH) today announced the completion of the sale of the
deposits and facilities of six Provident branches in Virginia to Union.
The branches sold are located in the communities of Charlottesville,
Middleburg, Warrenton (2) and Winchester (2). They will become part of two
of Union's banking subsidiaries, Union Bank and Trust Company
(Charlottesville branch) and Rappahannock National Bank (remaining five
branches). The six branches have current total deposits of approximately
$44 million. The employees in these branches were offered continued
employment by Union after the close of the transaction.
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
current branch 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. 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'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:
Vicki Cox, +1-410-277-2063, or Dennis A.
Starliper, +1-410-277-2705, both of Provident Bankshares
Corporation
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