Provident Bank of Maryland
Encyclopedia
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.
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
.
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. The buyout
was approved by Provident shareholder
s on April 8, 2009.
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.
American Idol
contestant LaKisha Jones
is a former employee of Provident Bank.
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
of Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
. 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
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
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
Baltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as 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
Villa Julie College
Stevenson University is a private, independent, coeducational, liberal arts college is located in the Greenspring Valley area of Baltimore County, Maryland, United States. The University has two campuses, one in Stevenson and one in Owings Mills, with approximately 3,400 undergraduate and graduate...
in Baltimore.
On October 15, 2008, Provident announced the acquisition of seven Chevy Chase Bank
Chevy Chase Bank
Chevy Chase Bank, F.S.B. was the largest locally-based banking company in the Washington Metropolitan Area. It was acquired by Capital One in 2009 and rebranded as Capital One Bank in 2010. Despite its name, Chevy Chase Bank was a federally chartered thrift regulated by the Office of Thrift...
branch deposits. The deposit base, totalling more than $40 million, was from branches located in Giant
Giant Food
Giant Food as a supermarket chain may refer to:* Giant-Carlisle or Giant Food Stores LLC, a subsidiary of Ahold* Giant-Landover or Giant Food LLC, also an Ahold subsidiary* Giant Food Markets of Broome County, New York...
grocery stores in the Baltimore
Baltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
area. The acquisition included over 8000 commercial and retail customers. Provident paid a 3% net deposit to Chevy Chase Bank
Chevy Chase Bank
Chevy Chase Bank, F.S.B. was the largest locally-based banking company in the Washington Metropolitan Area. It was acquired by Capital One in 2009 and rebranded as Capital One Bank in 2010. Despite its name, Chevy Chase Bank was a federally chartered thrift regulated by the Office of Thrift...
.
Provident announced on December 19, 2008 that it was to be acquired by Buffalo
Buffalo, New York
Buffalo is the second most populous city in the state of New York, after New York City. Located in Western New York on the eastern shores of Lake Erie and at the head of the Niagara River across from Fort Erie, Ontario, Buffalo is the seat of Erie County and the principal city of the...
-based M&T Bank
M&T Bank
M&T Bank is an American commercial bank that was founded in 1856 in western New York, and today remains headquartered in Buffalo at One M & T Plaza...
in a $401 million stock-for-stock deal. The buyout
Buyout
A buyout, in finance, is an investment transaction by which the ownership equity of a company, or a majority share of the stock of the company is acquired. The acquiror thereby "buys out" control of the target company....
was approved by Provident shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
s on April 8, 2009.
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.
American Idol
American Idol
American Idol, titled American Idol: The Search for a Superstar for the first season, is a reality television singing competition created by Simon Fuller and produced by FremantleMedia North America and 19 Entertainment...
contestant LaKisha Jones
LaKisha Jones
LaKisha Ann Jones is an American singer. She placed fourth on the sixth season of American Idol.-Personal life:Jones was born at Hurley Medical Center in Flint, Michigan, to a teacher at the Flint Foundation Academy...
is a former employee of Provident Bank.
External links
- Provident Bank of Maryland Official site
- M&T Bank Official site