Provident Bankshares sells $65 million equity securities, to raise up to $50 million of debt in coming week

By Andrea Heisinger

Omaha, April 11 - Provident Bankshares Corp. announced Friday it will issue a total of $115 million in debt, according to a press release.

The total includes $65 million in equity securities already priced in a private placement and up to $50 million in subordinated debt expected to price the week of April 14.

The company also plans to realign dividend payments to save about $29 million yearly.

The offering is expected to be completed the week of April 14 and is part of a multi-tiered plan to strengthen the company's capital base.

Among the debt already priced were 51,215 shares of convertible preferred non-cumulative stock priced at $1,000 per share.

The parent company of Provident Bank is based in Baltimore.

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