Provident Bankshares Merge With M&T Bank Corporation

Stockholders of Provident Bankshares Corporation, the parent company of Provident Bank, approved the merger with M&T Bank Corporation at its special meeting of stockholders. The merger was approved by more than three quarters of Provident Bankshares' outstanding common stock. State

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Stockholders of Provident Bankshares Corporation, the parent company of Provident Bank, approved the merger with M&T Bank Corporation at its special meeting of stockholders. The merger was approved by more than three-quarters of Provident Bankshares’ outstanding common stock. State law requires approval of the merger by an affirmative vote of at least two-thirds of all shares outstanding.

“We are pleased that our stockholders agree that the merger with M&T is in the best interests of the Company,” says Gary N. Geisel, chairman and CEO of Provident Bankshares. “We received strong support for the merger. I would like to thank our employees for their tremendous support over the years and for their continued focus on our customers during this transition period.”

“Provident Bank will soon become M&T Bank, and we will bring our new customers a wider array of products and services and access to the largest network of branches and ATMs in the Baltimore-Washington corridor,” says Atwood Collins III, president and COO of M&T Bank’s Mid-Atlantic Division. “We will also be expanding our commitment to this region as we continue to grow in the Mid-Atlantic, an important market for our company.”

M&T Bank and Provident Bankshares announced their intention to merge on December 19, 2008. The transaction is expected to close by the end of May 2009, subject to the receipt of all required regulatory approvals.

D.C.

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