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PROVIDENT BANKSHARES CORP [NASDAQ: PBKS] Current Price: 23 1/16 Change: + 1/16
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PROVIDENT BANKSHARES CORPORATION ANNOUNCES
STOCK REPURCHASE PROGRAM
Source: PR Newswire
BALTIMORE, Sept. 3 /PRNewswire/ -- Provident Bankshares Corporation
(Nasdaq: PBKS) announced today that its Board of Directors approved a
stock repurchase program for up to 5% shares of its Common Stock. The
Board authorized the repurchase of shares of Common Stock in the open
market on a time-to-time and ongoing basis, depending upon market
conditions and subject to compliance with all applicable securities
laws.
Peter M. Martin, Chairman, Chief Executive Officer and President of
Provident, commented that the repurchase plan will help Provident
achieve its goal of building shareholder value while maintaining
appropriate capital levels. Provident currently has 24,553,975 shares
of Common Stock outstanding.
Provident Bankshares Corporation is the parent of Provident Bank of
Maryland, the second largest independent commercial bank headquartered
in Maryland. Provident has $4.5 billion in assets and operates 69
branch offices, including 19 in-store locations. A full-service
commercial bank based in Baltimore for more than 110 years, Provident
serves seven Maryland counties, as well as Baltimore City and southern
York County, PA.
SOURCE Provident Bankshares Corporation
-0- 09/03/98 /CONTACT: MEDIA, Lillian S.
Kilroy, Corporate Communications, 410-277-2833, or INVESTMENT
COMMUNITY, James R. Wallis, Chief Financial Officer, 410-277-2750, both
of Provident Bankshares/
(PBKS)
CO: Provident Bankshares Corporation; Provident Bank of Maryland ST:
Maryland IN: FIN SU:
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