BALA CYNWYD, Pa., Dec. 19, 2008 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating the legal ramifications of the proposed acquisition of Provident Bankshares Corporation ("Provident Bankshares" or the "Company") (Nasdaq:PBKS) by M&T Bank Corporation ("M&T") (NYSE:MTB). M&T has offered Provident Bankshares shareholders 0.171625 shares of M&T common stock in exchange for each share of Provident Bankshares stock they own. Based on M&T's December 16, 2008 closing price of $61.18, the transaction is valued at $10.50 per Provident Bankshares share. Provident Bankshares stock traded at over $21.00 a share in February 2008 and, as recently as September 19, 2008, the stock traded at $12.50, more than the M&T offer price.
If you are a Provident Bankshares shareholder and wish to discuss the legal ramifications of the proposed acquisition by M&T, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.