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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): May 9, 2000
PROVIDENT BANKSHARES CORPORATION
(Exact name of registrant as specified in charter)
MARYLAND 0-16421 52-1518642
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
114 EAST LEXINGTON STREET, BALTIMORE, MARYLAND 21202
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (410) 277-7000
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEMS 1. THROUGH 4. NOT APPLICABLE.
ITEM 5. OTHER EVENTS.
On May 9, 2000, Provident Bankshares Corporation issued a press release
announcing the pending sale of its "Fast 'n Friendly" check cashing network to
Dollar Financial Group, Inc. A copy of the press release is attached as an
Exhibit hereto.
ITEM 6. NOT APPLICABLE.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
a. Financial Statements of Businesses Acquired.
Not Applicable
b. Pro forma Financial Information.
Not Applicable
c. Exhibits: The following Exhibits are filed as part of this
report:
EXHIBIT NO. DESCRIPTION
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99.1 Press release regarding the pending sale of the Company's
"Fast 'n Friendly" check cashing network to
Dollar Financial Group, Inc.
ITEM 8. NOT APPLICABLE.
ITEM 9. NOT APPLICABLE.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROVIDENT BANKSHARES CORPORATION
By: /s/ Peter M. Martin
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Peter M. Martin
Chairman of the Board, President and Chief
Executive Officer
Date: May 10, 2000
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EXHIBIT INDEX
EXHIBIT DESCRIPTION
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99.1 Press release regarding the pending sale of the Company's
"Fast 'n Friendly" check cashing network to
Dollar Financial Group, Inc.
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PROVIDENT BANK ANNOUNCES PENDING SALE
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OF CHECK CASHING NETWORK
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BALTIMORE (May 9, 2000)-Provident Bank, the second largest independent
commercial bank headquartered in Maryland and the subsidiary of Provident
Bankshares Corporation (NASDAQ:PBKS), today announced the pending sale of its
"Fast 'n Friendly" check cashing network to Dollar Financial Group, Inc.
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(Dollar). Based in Berwyn, PA, Dollar is a provider of retail-based financial
services for consumers who are looking for low-cost banking alternatives. Dollar
is the second largest operator of check cashing stores in the United States and
the largest such operator in Canada and the United Kingdom.
When the sale becomes final, all eight "Fast 'n Friendly" outlets in
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Baltimore will remain open and operate under a new name, "Money Mart". Current
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staff will continue to serve customers in these offices. Dollar Financial Group,
Inc. will provide a variety of financial services including check cashing,
Western Union wire transfer services, money orders, utility bill payments, fax
and copy services and photo identification cards. The ATMs currently at these
locations will also remain in place under the operation of Provident Bank.
In announcing the sale to Dollar Financial Group, Inc., John King,
Managing Director, Community Banking stated, "This was a business decision based
on our strategic plan. Provident's focus remains on extending our branch network
and increasing our presence in the growing commercial banking field. Dollar is
recognized as a leader in this particular field and we have pledged to ensure a
smooth transition for our customers during the change in ownership."
The sale is expected to close in August, 2000. Customers are being
notified by mail and by signs in the offices.
Provident Bankshares Corporation is the holding company for Provident
Bank, the second largest independent commercial bank headquartered in Maryland.
With more than $5.2 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 87 offices in Maryland, Northern Virginia,
and southern York County, PA.
Provident Bank offers related financial services through its wholly owned
subsidiaries, including mortgages through Provident Mortgage Corp., mutual
funds, annuities and insurance products through Provident Investment Center and
leases through Court Square Leasing and Provident Lease Corp. Visit Provident on
the web at www.provbank.com
For Release: Tuesday, May 9, 2000
Contact: Vicki Cox, Corporate Communications
410-277-2063
