Provident Bankshares sets April 8 meeting date for merger vote

By Lisa Kerner

Charlotte, N.C., Feb. 18 - Provident Bankshares Corp. will ask its shareholders to vote in favor of the company's merger with M&T Bank Corp. at a special meeting at 10 a.m. ET on April 8 in Baltimore.

Record date for the meeting is Feb. 12.

In December, M&T agreed to acquire Provident in a stock-for-stock transaction valued at about $401 million.

Provident shareholders will receive 0.171625 shares of M&T common stock in exchange for each share of Provident common stock they own.

Under the terms of the merger agreement, Provident preferred stock will be exchanged for shares of preferred stock of M&T, and holders of Provident stock options will receive M&T stock options.

Buffalo-based M&T is the holding company for M&T Bank and M&T Bank, NA. It operates branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey and the District of Columbia.

Provident is the holding company for Baltimore-based Provident Bank.

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