UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Provident Bankshares Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common
- --------------------------------------------------------------------------------
(Title of Class of Securities)
743859100
- --------------------------------------------------------------------------------
(CUSIP Number)
H. Jerry Shearer P. O. Box 7574, Columbia, S.C. 29202 (803) 749-7888
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
February 4, 2000
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240, 13d-(e), (f) or (g), check the following box
[ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedules, including all exhibits, should be filed with the
Commission. See Rule 240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
CUSIP NO. 743859100 PAGE 2 OF 12
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jerry Zucker
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3. COMMISSION USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
PF, OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
528,000
- --------------------------------------------------------------------------------
8. SHARED VOTING POWER
812,150
- --------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
528,000
- --------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
812,150
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,340,150
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 743859100 PAGE 3 OF 12
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jerry Shearer
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3. COMMISSION USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
PF, 00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
30,088
- --------------------------------------------------------------------------------
8. SHARED VOTING POWER
812,150
- --------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
30,088
- --------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
812,150
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
842,238
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 743859100 PAGE 4 OF 12
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mid-Atlantic Investors
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3. COMMISSION USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC, 00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. SHARED VOTING POWER
812,150
- --------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
812,150
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
812,150
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.2%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 743859100 PAGE 5 OF 12
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mid-Atlantic Partners, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3. COMMISSION USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC, 00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. SHARED VOTING POWER
417,625
- --------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
417,625
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,625
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.6%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 743859100 PAGE 6 OF 12
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Shearer Enterprises, Inc.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3. COMMISSION USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC, 00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. SHARED VOTING POWER
4,410
- --------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
4,410
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,410
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.02%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE>
7
Item 1. Security and Issuer
Common stock of Provident Bankshares Corporation, 114 East Lexington
Street, Baltimore, Maryland 21202 (the "Issuer").
Item 2. Identity and Background
Mid-Atlantic Investors ("Mid-Atlantic") is a general partnership organized
under the laws of the state of South Carolina for the purpose of investing in
financial institutions. Its address is Post Office Box 7574, Columbia, South
Carolina 29202. Messrs. Zucker and Shearer are the partners of Mid-Atlantic.
Mid-Atlantic has not, during the last five years, been convicted in a criminal
proceeding or been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction as a result of which it was or is subject to any
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, state or federal securities laws or finding
any violation with respect to such laws.
Mid-Atlantic Partners, L.P., ("M-A Partners") is a limited partnership
organized under the laws of South Carolina for the purpose of investing in
financial institutions and other investments. Its address is Post Office Box
7574, Columbia, South Carolina 29202. Mid-Atlantic is the general partner of M-A
Partners. M-A Partners has not, during the last five years, been convicted in a
criminal proceeding or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which it was or is
subject to any judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, state or federal securities
laws or finding any violation with respect to such laws.
Shearer Enterprises, Inc., ("SEI") is a corporation organized under the
laws of the state of South Carolina. Its address is 289 Hunters Blind Drive,
Columbia, South Carolina 29212. Its principal business is investing in
securities. SEI has not, during the last five years, been convicted in a
criminal proceeding or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which it was or is
subject to any judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, state or federal securities
laws or finding any violation with respect to such laws.
Jerry Zucker is a natural person who resides at 16 Buckingham Drive,
Charleston, South Carolina 29407. Mr. Zucker's principal occupation is as the
chief executive officer of The InterTech Group, Inc., Post Office Box 5205,
North Charleston, South Carolina 29406. Mr. Zucker has not, during the last five
years, been convicted in a criminal proceeding or been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction as a
result of which he was or is subject to any judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, state or federal securities laws or finding any violation with respect to
such laws. Mr. Zucker is a citizen of the State of South Carolina and the United
States of America.
H. Jerry Shearer is a natural person residing at 289 Hunters Blind Drive,
Columbia, South Carolina 29212. His principal occupation is as managing partner
of Mid-Atlantic. Mr. Shearer has not, during the last five years, been convicted
in any criminal proceeding or been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction as a result of which he was or
is subject to a judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws. Mr. Shearer is a
citizen of the State of South Carolina and the United States of America.
<PAGE>
8
Item 3. Source and Amount of Funds or Other Consideration
The 1,370,238 shares of common stock as to which this filing relates were
purchased for $29,332,341.15 with personal funds, working capital of Mid-
Atlantic, M-A Partners and SEI, and on margin. Margin transactions were with
Morgan Stanley Dean Witter & Co., on such firm's usual terms and conditions.
Item 4. Purpose of Transaction
The purpose of the acquisition of the securities by Mid-Atlantic, M-A
Partners, SEI and Messrs. Shearer and Zucker is for investment and to take
actions which may enhance the value of the securities as an investment. In
conjunction therewith, M-A Partners, Mid-Atlantic, SEI, Mr. Shearer and/or Mr.
Zucker may acquire and/or sell additional securities of the Issuer through open
market purchases or privately negotiated transactions. M-A Partners, Mid-
Atlantic, SEI, Mr. Shearer and/or Mr. Zucker may propose, sponsor or support
candidates for election to the board of directors by proxy solicitation or
otherwise. M-A Partners, Mid-Atlantic, SEI, Mr. Shearer and/or Mr. Zucker will
seek to encourage a business combination between the Issuer and some third
person, if such transaction would be profitable or desirable to M-A Partners,
Mid-Atlantic, SEI, Mr. Shearer and/or Mr. Zucker. Mid-Atlantic has made a
shareholder proposal advising the board of directors that it is the desire of
the shareholders that the Issuer be sold promptly on terms that will maximize
shareholder value. Mid- Atlantic, M-A Partners, SEI, Mr. Shearer and/or Mr.
Zucker plan to solicit proxies in support of the proposal. M-A Partners,
Mid-Atlantic, SEI, Mr. Shearer and/or Mr. Zucker may communicate further with
other shareholders to the extent permitted under the proxy rules.
Item 5. Interest in Securities of the Issuer
M-A Partners, Mid-Atlantic, SEI, Mr. Zucker and Mr. Shearer together
beneficially own 812,150 shares of the Issuer's common stock, over which they
share voting, investment and dispositive power. Mr. Shearer beneficially owns
another 25,678 shares of the Issuer's common stock. Mr. Shearer has sole voting,
investment and dispositive power with respect to such 25,678 shares. Mr. Zucker
beneficially owns an additional 528,000 shares of the Issuer's common stock. Mr.
Zucker has sole voting, investment and dispositive power with respect to such
528,000 shares. SEI beneficially owns a further 4,410 shares of the Issuer's
common stock. Mr. Shearer has sole voting, investment and dispositive power with
respect to such 4,410 shares. As a group, M-A Partners, Mid-Atlantic Investors,
SEI, Mr. Shearer and Mr. Zucker beneficially own 1,370,238 shares of the
Issuer's common stock or 5.4%.
<PAGE>
9
The following shares were acquired in over-the-counter transactions in the
previous 60 days:
<TABLE>
<CAPTION>
Per Share Total
Date Shares Price Purchase Pr.
<S> <C> <C> <C> <C>
Mid-Atlantic ............... 1/26/00 25,000 14.362 359,064.85
1/26/00 25,000 14.425 360,625.00
1/27/00 50,000 14.375 718,752.35
Jerry Shearer .............. 2/4/00 10,000 15.562 155,625.00
2/10/00 3,000 14.375 43,125.00
Jerry Zucker ............... 1/26/00 75,000 14.312 1,073,437.50
1/27/00 105,000 14.312 1,502,812.50
1/27/00 50,000 14.500 725,000.00
1/27/00 50,000 14.375 718,750.00
1/27/00 25,000 14.500 362,500.00
1/31/00 15,000 14.537 218,062.50
1/31/00 5,000 14.687 73,437.50
2/1/00 40,000 15.375 615,000.00
2/1/00 5,000 15.312 76,562.50
2/2/00 10,000 15.312 153,125.00
2/4/00 50,000 15.562 778,125.00
2/4/00 20,000 15.625 312,500.00
2/4/00 5,000 15.625 78,125.00
2/7/00 8,000 15.000 120,000.00
2/8/00 10,000 15.000 150,000.00
2/8/00 2,000 14.687 29,375.00
2/9/00 5,000 14.500 72,500.00
2/10/00 45,000 14.500 652,500.00
2/11/00 3,000 14.375 43,125.00
</TABLE>
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
812,150 of the shares of common stock of the Issuer as to which this filing
relates are partnership property of Mid-Atlantic or M-A Partners. As such, they
will be voted and/or disposed of by the respective partnership pursuant to the
vote of the partners of Mid-Atlantic, the general partner of M-A Partners. Any
income or loss recognized by either partnership in connection with the ownership
or disposition of such securities will be divided between the partners in
accordance with the partnership agreements.
Item 7. Material to be Filed as Exhibits
(a) Copy of the written agreement relating to the filing of joint
acquisition statements.
(b) Power of Attorney.
<PAGE>
10
Signatures
After reasonable inquiry and to the best of my knowledge and belief, I
certify the information set forth in this amended statement is true, complete
and correct.
MID-ATLANTIC INVESTORS, for itself
and as General Partner of MID-
ATLANTIC PARTNERS, L.P.
/s/Jerry Zucker*
By:_______________________________
Date: February 14, 2000 Jerry Zucker, Partner
/s/H. Jerry Shearer
By:_______________________________
Date: February 14, 2000 H. Jerry Shearer, Partner
SHEARER ENTERPRISES, INC.
Date: February 14, 2000
/s/H. Jerry Shearer
By:_______________________________
H. Jerry Shearer
President
/s/Jerry Zucker*
----------------------------------
Date: February 14, 2000 Jerry Zucker
/s/H. Jerry Shearer
----------------------------------
Date: February 14, 2000 H. Jerry Shearer
*by H. Jerry Shearer
Attorney-in-fact
<PAGE>
11
Exhibit (a)
AGREEMENT TO FILE SCHEDULES 13D JOINTLY
Pursuant to the requirements of Rule 13d-1(f)(1)(iii), the undersigned
hereby agree that whenever one or more of them is required to file a statement
containing the information required by Schedule 13D (or an amendment thereto)
relating to shares of Provident Bankshares Corporation, which Schedule 13D
relates as to each of them to the same securities, they agree that only one such
statement shall be filed on behalf of all such persons containing the required
information with regard to each such person.
Dated this 14th day of February, 2000.
MID-ATLANTIC INVESTORS, for itself and as General Partner of MID-ATLANTIC
PARTNERS, L.P.
/s/H. Jerry Shearer
By:________________________________
Its General Partner
SHEARER ENTERPRISES, INC.
/s/H. Jerry Shearer
By:_______________________________
H. Jerry Shearer
President
/s/Jerry Zucker
__________________________________*
Jerry Zucker, individually and as a general
partner of Mid-Atlantic Investors
/s/H. Jerry Shearer
----------------------------------
H. Jerry Shearer, individually and as a
general partner of Mid-Atlantic Investors
*By H. Jerry Shearer
Attorney-in-Fact
<PAGE>
12
Exhibit (b)
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of H. Jerry Shearer, Jerry Zucker
and Mid-Atlantic Investors, a South Carolina General Partnership, hereby makes,
constitutes and appoints H. Jerry Shearer and Jerry Zucker, and each of them
acting individually, its and his true and lawful attorneys, with power to act
without the other and with full power of substitution, to execute, deliver and
file in its or his name and on its or his behalf, and in each of the undersigned
partner's capacity or capacities as shown below, with the Securities and
Exchange Commission (the "Commission") reports (and amendments and supplements
thereto) relating to beneficial ownership of securities in Provident Bankshares
Corporation on Forms 3, 4 and 5 and Schedule 13D under the Securities Exchange
Act of 1934, and on such other forms as may be promulgated from time to time by
the Commission; and each of Mid-Atlantic Investors and Jerry Zucker and H. Jerry
Shearer, both individually and in their capacities as general partners of Mid-
Atlantic Investors, grants to said attorneys, and to each of them, full power
and authority to do and perform each and every act and thing whatsoever as said
attorneys or attorney may deem necessary or advisable to carry out fully the
intent of this power of attorney to the same extent and with the same effect as
Mid-Atlantic Investors might or could do, and as each of said individuals might
or could do personally in his capacity or capacities as aforesaid, and each of
Mid-Atlantic Investors, and such individuals and general partners hereby
ratifies and confirms all acts and things which said attorneys or attorney might
do or cause to be done by virtue of this power of attorney and its or his
signatures as the same may be signed by said attorneys or attorney, or any of
them, to any or all of the following (and/or any and all amendments and
supplements to any or all thereof): Forms 3, 4 and 5 and Schedule 13D and any
other forms promulgated by the Commission for the purpose of reporting
beneficial ownership or changes in beneficial ownership of securities, with
respect to securities owned or hereafter acquired by any or all of them in
Provident Bankshares Corporation.
IN WITNESS WHEREOF, Mid-Atlantic Investors, has caused this power of
attorney to be signed on its behalf, and each of the undersigned individually
and in the capacity or capacities noted has hereunto set his hand, as of the
dates indicated below.
MID-ATLANTIC INVESTORS, a South Carolina
General Partnership
/s/H. Jerry Shearer
By:_______________________________________
Managing Partner
Date: February 14, 2000
Signature Title Date
- --------- ----- ----
/s/H. Jerry Shearer
_______________________________ General Partner February 14, 2000
H. Jerry Shearer
/s/Jerry Zucker
_______________________________ General Partner February 10, 2000
Jerry Zucker
