Provident Bank of Maryland
Provident Bank of Maryland was a bank in the U.S. state of Maryland. Provident Bank was the largest independent commercial bank headquartered in Maryland, with more than $6.4 billion in assets. Provident operated 143 branches in Maryland, Pennsylvania, Virginia and Washington, DC. Upon entering the Washington, DC and Virginia markets, the bank began to operate as simply "Provident Bank". Provident Bank was a subsidiary of Provident Bankshares Corporation.
The bank was founded as the Provident Savings Bank of Baltimore in 1886. Provident was one of the first banks to operate "in-store" branches that are located within grocery stores. In 2007, Provident Bank made a $500,000 gift to Villa Julie College in Baltimore.[1]
After almost going under in 1983, Provident brought in two men who were willing to risk their careers to help revitalize the bank; Carl Stern and Peter M. Martin. Ten years following, at Mr. Martin's 2001 retirement, he had reverted the path of the bank, making it the largest regional bank of the area, and earning himself the position of Chairman of the Maryland Bankers Association. His successor's errors, however, plunged the bank into the worst of the 2008 crisis.
On October 15, 2008, Provident announced the acquisition of seven Chevy Chase Bank branch deposits. The deposit base, totalling more than $40 million, was from branches located in Giant grocery stores in the Baltimore area. The acquisition included over 8000 commercial and retail customers. Provident paid a 3% net deposit to Chevy Chase Bank.[2]
Provident announced on December 19, 2008 that it was to be acquired by Buffalo-based M&T Bank in a $401 million stock-for-stock deal.[3] The buyout was approved by Provident shareholders on April 8, 2009.[4]
Friday, May 22, 2009 was the final day of Provident Bank. Upon opening on May 26, 2009, almost all Provident locations opened with M&T Bank signage. Some buildings, including training locations, were not reopened. In the transition, over 500 employees lost their jobs. This was approximately 29% of Provident's employee base. All positions were non-customer facing positions located mostly at the headquarters in Baltimore.[5]
American Idol contestant LaKisha Jones is a former employee of Provident Bank.[6]
References
- ^ "Provident Bank of Maryland announces $500K gift to Villa Julie College". Daily Record (Baltimore, MD). September 28, 2007. Retrieved 2008-10-10.
- ^ http://www.reuters.com/article/pressRelease/idUS195127+15-Oct-2008+PRN20081015 "Provident Bankshares Announces Acquisition of Chevy Chase Bank Deposits at Seven Giant Food In-Store Branches in Baltimore" Reuters, October 15, 2008.
- ^ Sharrow, Ryan. "M&T Bank to buy Provident Bankshares in $401M stock deal," Baltimore Business Journal, Friday, December 19, 2008.
- ^ Ambrose, Eileen. "Provident shareholders approve M&T merger," The Baltimore Sun, Thursday, April 9, 2009.
- ^ http://www.abc2news.com/news/local/story/M-T-To-Layoff-Over-500-From-Provident-Merger/A62j9xmAx0uDd5euB1SCrA.cspx "M&T To Layoff Over 500 From Provident Merger" ABC2News, March 6, 2009
- ^ "Noted and Noteworthy.(Provident Bank of Maryland supports LaKisha Jones)(Morgan Stanley settles gender-bias suit)(hedge fund assets on the rise)(Brief article)". US Banker. May 1, 2007. Retrieved 2008-10-10.
- "InfoGrow lands deal with bank.(Technology)(Provident Bank of Maryland)(Brief Article)". Crain's Cleveland Business. May 19, 2003. Retrieved 2008-10-09.
External links
- Provident Bank of Maryland Official site
- M&T Bank Official site