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Provident Trust II, 10% Trust Preferred Securities
Ticker Symbol: PBKSP* CUSIP: 74405Y200 Exchange: NNM
* NOTE: This security is no longer trading as of 3/31/2005
Security has been Called for: Thursday, March 31, 2005
Feb. 28, 2005 -- Provident Bankshares Corporation announced today that it will redeem in full Provident Trust II Trust Preferred Securities (Nasdaq: PBKSP), at par on March 31, 2005. There are $30.0 million in aggregate principal amount of Capital Securities outstanding, at an interest rate of 10.0%. The Capital Securities have a final stated maturity of March 31, 2030, but are callable at par beginning on March 31, 2005. Deutsche Bank Trust Company Americas, formerly Bankers Trust Company, the trustee for Provident Trust II, will notify Capital Security holders of the redemption. Capital Security holders will also receive interest payments due March 31, 2005.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Provident Trust II, 10% Trust Preferred Securities, liquidation amount $25 per share, guaranteed by Provident Bankshares Corp. (NASDAQ: PBKS), redeemable at the issuer's option on or after 3/31/2005 at $25 per share plus accrued and unpaid dividends, maturing 3/31/2030, distributions of 10% ($2.50) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on 3/15, 6/15, 9/15 & 12/15 respectively. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 10% Junior Subordinated Deferrable Interest Debentures due 3/31/2030 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (PBKS)
IPO - 2/25/2000 - 1.20 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $32.1 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 114 East Lexington Street, Baltimore, MD 21202 |
| Main Phone Number |
410-277-7000 |
| Fax Number |
410-576-2887 |
| Investor Relations
Melissa Kelly
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410-277-2080
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| Toll Free Phone Number |
800-962-9644 |
| CEO - Gary N. Geisel |
CFO - Dennis A. Starliper |
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