SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934.
(Amendment No. )
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14a-6(e)(2)
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[x] Soliciting Material Pursuant to Sec. 240.14a-12
Provident Bankshares Corporation
(Name of Registrant as Specified In Its Charter)
Mid-Atlantic Investors
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
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Press Release
For More Information, Call:
Jerry Shearer For Release 9:00 AM EST
Mid-Atlantic Investors February 15, 2000
(803) 749-7888
Mid-Atlantic Investors Discloses
Its Ownership Position in PBKS And Announces
It Will Pursue A "Sell The Bank" Shareholder Proposal
Mid-Atlantic Investors ("Mid-Atlantic") announced that it had submitted
a "Sell the Bank" shareholder proposal to Provident Bankshares Corporation
(Nasdaq: PBKS) for a vote by shareholders at the Company's next annual meeting.
Mid-Atlantic also announced that Mid-Atlantic, and its partners and
affiliates, had filed a joint Schedule 13-D with the Securities and Exchange
Commission disclosing that their collective ownership in the Company had
increased to 5.4% of outstanding shares, up from their collective ownership of
about 3.0% at last year's annual meeting.
Mid-Atlantic stated that it believed that the stockholders of the
Company would be better off if a sale of the Company were to occur in the near
future. Jerry Shearer, managing partner of Mid-Atlantic, stated that
"Mid-Atlantic's `Sell The Bank' shareholder proposal will be on the Company's
proxy card and that Mid-Atlantic will be issuing its own proxy material as well.
Shareholders will have a clear, and unambiguous, opportunity to make their
wishes known concerning the Company's future."
Shearer added: "Management's 1999 earnings release on January 19 and
the market's prompt reaction to those earnings with a sell-off of more than two
million shares, resulting in a decline in market price from $16.63 on January 18
to an intra-day low of $13.88 on January 25, further underscores Mid-Atlantic's
belief and opinion that shareholders would be better served by a sale of the
Company to a more efficiently run financial institution."
The joint Schedule 13-D is publicly available on the web site of the
Securities and Exchange Commission at http://www.sec.gov. The joint Schedule
13-D identifies each of the participants and gives a description of their
interests. Provident shareholders are advised to read Mid-Atlantic's proxy
statement when it is available because it will contain important information.
Shareholders will be able to get Mid-Atlantic's proxy statement, and other
relevant documents, for free at the web site of the Securities and Exchange
Commission. Shareholders will also be able to obtain a copy of Mid-Atlantic's
proxy statement from Mid-Atlantic by writing to Mid-Atlantic at Post Office Box
7574, Columbia, SC 29202.
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