BALTIMORE, Oct. 16 /PRNewswire-FirstCall/ --
Provident Bankshares Corporation (Nasdaq: PBKS) announced today that Peter M.
Martin will be retiring as Chairman and Chief Executive Officer in April, 2003
and that Gary N. Geisel has been designated as his successor by the Company's
Board of Directors. Geisel will assume the role of Chairman and Chief
Executive Officer at Provident Bankshares Corporation and its principal
subsidiary, Provident Bank, when Martin retires in April, 2003. Geisel
currently serves as President and Chief Operating Officer of Provident
Bankshares Corporation.
The Company also announced today that Kevin G. Byrnes has been selected to
succeed Geisel as President and Chief Operating Officer in April, 2003.
Byrnes will join Provident in November, 2002.
Ward Coe III, Esquire, partner with Whiteford, Taylor & Preston, L.L.P.,
and Chair of the Board's succession committee said, "Good corporate governance
requires a thoughtful review of executive management succession. Completing
just such a review at Provident validated our belief that Gary Geisel is the
right person to lead the Company. We look forward to a seamless transition in
bank leadership."
Martin has been with Provident since 1990, serving as President and Chief
Operating Officer until his election as Chairman in 1998. A veteran banker
with over 30 years of experience, Martin was an Executive Vice President at
Equitable Bank prior to joining Provident and before that, spent 18 years at
the Bank of Boston in several leadership positions.
"I am leaving Provident in good hands," Martin said. "Gary has been
instrumental in shaping our corporate goals and I know he will continue
Provident's successful business strategies and strong community involvement."
Geisel joined Provident in 1997 as Group Manager of Community Banking. In
1999, he was promoted to the three-member Office of the Chairman and then was
promoted to President and Chief Operating Officer in January of 2001. Before
joining Provident, he was Executive Vice President, Retail Banking, with
Citizens Bank of Maryland.
Geisel has more than 30 years of banking experience. At Provident, he has
led the bank's expansion into the Greater Washington area. Geisel directed
the 1997 acquisition of Montgomery County-based Citizens Savings Bank, as well
as the Company's in-store branch expansion and network growth into the
Northern Virginia market.
Geisel said, "Everyone at Provident will miss Pete who has been an
incredible force within the Company. The bank is well positioned for the
future because of his influence and leadership.
"Over the last several years, Pete and I have recast our business
strategies to focus on core banking businesses and building Provident into a
regional bank. We plan to continue to execute these strategies and increase
our value to customers, employees and shareholders. I am proud to lead our
exceptional team of managers and staff toward even greater success."
Byrnes, who held regional management positions with J. P. Morgan Chase &
Co. since 1988, returns to the Baltimore/Washington area from Rochester, NY,
where he served as Senior Vice President and Upstate Regional Executive for
Chase Bank. Prior to his promotion to the New York market in 1992, he spent
four years based in Baltimore as President and Chief Executive Officer of
Chase Bank of Maryland. Byrnes also has more than 30 years of banking
experience with extensive background in consumer, commercial and real estate
lending.
"Kevin brings solid regional and commercial banking expertise, as well as
leadership and community involvement credentials," Geisel said. "I am
delighted he accepted our offer to join Provident. The depth and breadth of
his banking background and his executive experience make him an important
addition to our strong and talented senior management team."
Provident Bankshares Corporation is the holding company for Provident
Bank, a regional commercial bank with $4.9 billion in assets. Provident serves
individuals and businesses in the dynamic Baltimore-Washington corridor though
a network of 101 offices in Maryland, Northern Virginia, and southern York
County, Pennsylvania. Provident Bank also offers related financial services
through wholly owned subsidiaries. Mutual funds, annuities, and insurance
products 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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CONTACT:
Media: Lillian Kilroy, +1-410-277-2833; or
Investment Community: Ellen Grossman, +1-410-277-2889, both of
Provident Bankshares
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