latest news releases from the newsroom
Port of Houston Authority
Photo Release -- Mark Smith Joins PHA as New Police Chief
HOUSTON, Dec. 19, 2008 (GLOBE NEWSWIRE) -- The Port of Houston Authority (PHA) announces that veteran law enforcement officer Mark Smith is its new Police Chief. As the senior law enforcement official in the Port Police, Smith is responsible for the planning and execution of the department's maritime security and law enforcement functions. He is an integral member of the department's management team and has approximately 60 direct reports who work 24 hours, seven days a week.
Levi & Korsinsky, LLP
Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Provident Bankshares Corp.
NEW YORK, Dec. 19, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Provident Bankshares Corp. ("Provident" or the "Company") (Nasdaq:PBKS) arising out of their attempt to sell the Company to M&T Bank Corp. ("M&T Bank"). Under the terms of the agreement, shareholders of Provident will receive 0.171625 shares of M&T Bank for each share of Provident they own. Based on M&T Bank's Thursday closing price of $59.72, shares of Provident are valued at $10.25 for a total transaction value of $401 million. The transaction price is unfair given that, as recently as October 3, 2008, the Company's shares traded at $12.88 per share.