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PROVIDENT BANKSHARES ANNOUNCES MORTGAGE COMPANY ACQUISITION

 PROVIDENT BANKSHARES ANNOUNCES MORTGAGE COMPANY ACQUISITION
 BALTIMORE, Sept. 16 /PRNewswire/ -- Provident Bankshares Corporation (NASDAQ-NMS: PBKS), parent company of Provident Bank of Maryland, today announced a proposed acquisition of the assets and operations of Consolidated Mortgage Corporation, a Philadelphia-based residential mortgage company.
 Consolidated, which has been in business since 1986, has five offices located in Pennsylvania and New Jersey. For the 12 months ended June 30, 1992, Consolidated originated $258 million in residential mortgage loans.
 The acquisition, which will be made by Provident Bank's mortgage subsidiary, Provident Mortgage Corp., is subject to satisfaction of certain licensing requirements. The acquisition is expected to be completed in October of this year.
 In a separate but related step, Provident Bank will consolidate its existing mortgage lending operations into Provident Mortgage Corp.
 Chief Executive Officer Carl Stearn said, "We thing there is a future for a bank with headquarters in Baltimore. This acquisition is expected to contribute to profitability and strengthen our business base in the region. We will consolidate all of our existing mortgage lending operations into Provident Mortgage Corp. to make sure we provide efficient and consistent service."
 Provident Bankshares Corporation is a bank holding company operating primarily through Provident Bank of Maryland, its Baltimore-based bank subsidiary located in Baltimore.
 /delval/
 -0- 9/16/92
 /CONTACT: Marcia L. Goldman (media), 410-576-2833, or Harold H. Johnson III, CFO (investment), 410-576-2750, both of Provident Bankshares/
 (PBKS) CO: Provident Bankshares Corporation; Consolidated Mortgage Corporation ST: Maryland, Pennsylvania IN: FIN SU: TNM


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Publication:PR Newswire
Date:Sep 16, 1992
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