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.
If you own common stock in Provident and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/pbks.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.