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.
After almost going under in 1983, Provident brought in two men who were willing to risk their careers to help revitalize the bank; Carl Stern and Peter M. Martin. Ten years following, at Mr. Martin's 2001 retirement, he had completely reverted the path of the bank, making it the largest regional bank of the area, and earning himself the position of Chairman of the Maryland Bankers Association among other accolades and prestigious positions. Unfortunately, his successor's foolish errors plunged the bank into the worst of the 2008 crisis, and eliminated a truly engaging story highlighting banking tactical practices that provide an example of ingenious strategical structures for any future banker to study.
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 shareholders 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.
Famous quotes containing the words provident and/or bank:
“Women have no wilderness in them,
They are provident instead,
Content in the tight hot cell of their hearts
To eat dusty bread.”
—Louise Bogan (1897–1970)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)