PROVIDENT BANKSHARES CORPORATION ANNOUNCES EXTENSION OF
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STOCK REPURCHASE PROGRAM
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For Release: Wednesday, December 20, 2000
Media Contact: Vicki Cox 410-277-2063
Investor Contact: Ellen Grossman 410-277-2889
BALTIMORE:(December 20, 2000)-Provident Bankshares Corporation
(NASDAQ:PBKS) announced today that its Board of Directors approved an extension
of its stock repurchase program, which was initiated in September, 1998.
Provident had previously purchased 3,561,366 shares under this program. The
Board's action will enable Provident to repurchase an additional 10% or
approximately 2,588,000 shares of its outstanding common stock. Repurchases will
be made in the open market from time to time, depending upon market conditions
and subject to compliance with all applicable securities laws.
Peter M. Martin, Chairman and Chief Executive Officer of Provident, said
the planned extension will continue to build value for Provident's shareholders.
"In light of Provident's improved stock price, we view the buyback program as a
good investment at the current market levels." Provident currently has
25,884,149 shares of common stock outstanding.
Provident Bankshares Corporation is the holding company for Provident
Bank, the second largest commercial bank headquartered in Maryland. With more
than $5.7 billion in assets, Provident serves individuals and businesses in the
dynamic Baltimore-Washington corridor through a full range of financial services
and a network of 98 offices in Maryland, Northern Virginia and southern York
County, PA. Provident Bank also offers related financial services through its
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 www.provbank.com
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