Provident Bankshares Receives $151 Million Investment from U.S. Treasury
17 11월 2008 - 11:18PM
PR Newswire (US)
BALTIMORE, Nov. 17 /PRNewswire-FirstCall/ -- Provident Bankshares
Corporation (NASDAQ:PBKS), the parent company of Provident Bank,
today announced that it has received a $151 million investment from
the U.S. Treasury as part of the federal government's TARP Capital
Purchase Program. Provident Bankshares sold $151 million in Senior
Preferred shares and warrants to purchase common stock to the U.S.
Treasury, which represents 3% of the Company's risk-weighted assets
as of September 30, 2008. According to documents provided by the
U.S. Treasury, Provident Bankshares is the 13th financial
institution to receive an investment through the TARP Capital
Purchase Program. "We are pleased to participate in the second
phase of TARP investments, which is designed to provide additional
capital to healthy, well managed financial institutions," said Gary
N. Geisel, Chairman and CEO of Provident Bankshares. "This
investment will further strengthen our capital position, increase
our ability to finance attractive lending opportunities, and enable
Provident to provide additional support for economic growth in our
local markets." The Senior Preferred shares pay a dividend of 5%
per year for the first five years and reset to 9% per year
thereafter. The Senior Preferred shares are callable at par after
three years and can be redeemed prior to then at 100% of the issue
price, subject to the approval of the Company's federal regulator.
The following table indicates the effect of the TARP investment on
the Company's capital ratios: Pre-TARP Investment Post-TARP
Investment 9/30/2008 9/30/2008 (pro forma) Tangible Capital Ratio
4.63 % 7.09 % Tier One Risk-Based Capital Ratio 10.31 % 13.25 %
Total Risk-Based Capital Ratio 12.46 % 15.41 % About Provident
Bankshares Corporation Provident Bankshares Corporation is the
holding company for Provident Bank, the largest independent
commercial bank headquartered in Maryland. With $6.4 billion in
assets, Provident serves individuals and businesses in the key
metropolitan areas of Baltimore, Washington and Richmond through a
current branch network of 142 offices in Maryland, Virginia, and
southern York County, Pennsylvania. Provident Bank also offers
related financial services through wholly owned subsidiaries.
Securities brokerage, investment management and related insurance
services are available through Provident Investment Company and
leases through Court Square Leasing. Visit Provident on the Web at
http://www.provbank.com/. Forward-looking Statements This press
release, as well as other written communications made from time to
time by Provident Bankshares Corporation and its subsidiaries (the
"Company") and oral communications made from time to time by
authorized officers of the Company, may contain statements relating
to the future results of the Company (including certain projections
and business trends) that are considered "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 (the "PSLRA"). Such forward-looking statements may be
identified by the use of such words as "believe," "expect,"
"anticipate," "should," "planned," "estimated," "intend" and
"potential." Examples of forward-looking statements include, but
are not limited to, possible or assumed estimates with respect to
the financial condition, expected or anticipated revenue, and
results of operations and business of the Company, including
earnings growth, revenue growth in retail banking, lending and
other areas; origination volume in the Company's consumer,
commercial and other lending businesses; asset quality and levels
of non-performing assets; current and future capital management
programs; non-interest income levels, including fees from services
and product sales; tangible capital generation; market share;
expense levels; and other business operations and strategies. For
these statements, the Company claims the protection of the safe
harbor for forward-looking statements contained in the PSLRA. No
forward-looking statement can be guaranteed, and actual results may
differ from those projected. The Company undertakes no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.
Forward-looking statements in this release should be evaluated
together with the uncertainties that affect the Company's business,
particularly those mentioned under the headings "Forward -Looking
Statements" and "Item 1A. Risk Factors" in the Company's Form 10-K
for the year ended December 31, 2007, and its reports on Forms 10-Q
and 8-K, which the Company incorporates by reference. In the event
that any non-GAAP financial information is described in any written
communication, including this press release, or in our
teleconference, please refer to the supplemental financial tables
included with this release and on our website for the GAAP
reconciliation of this information. DATASOURCE: Provident
Bankshares Corporation CONTACT: Vicki Cox, Media, +1-410-277-2063
or Dennis Starliper, Investments, +1-410-277-2080, both of
Provident Bankshares Corporation Web site: http://www.provbank.com/
Company News On-Call: http://www.prnewswire.com/comp/721938.html
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