PROVIDENT BANKSHARES CORPORATION REDEEMS TRUST PREFERRED SECURITIES

Baltimore, Maryland, March 31, 2005. Provident Bankshares Corporation
("Provident," NASDAQ: PBKS) today announced that its subsidiary, Provident Trust
II, completed the redemption of Provident Trust II Trust Preferred Securities
(NASDAQ: PBKSP) at par on March 31, 2005. Capital Security holders also received
interest payments due March 31, 2005. There were $30.0 million in aggregate
principal amount of Capital Securities outstanding, at an interest rate of
10.0%. The Capital Securities had a final stated maturity of March 31, 2030, but
were callable at par beginning on March 31, 2005. In connection with the
redemption, Provident redeemed $30,927,850 aggregate principal amount of its 10%
junior subordinated debentures due 2030, the redemption price consisting of the
$30,927,850 aggregate principal amount plus aggregate unpaid interest of
$750,000.

Provident Bankshares Corporation is the holding company for Provident Bank, the
second largest independent commercial bank headquartered in Maryland. With $6.6
billion in assets, Provident serves individuals and businesses in the key urban
areas of Baltimore, Washington and Richmond through a network of 149 offices in
Maryland, Virginia, and southern York County, Pennsylvania. Provident Bank also
offers related financial services through wholly owned subsidiaries. Securities
brokerage, investment management and related insurance services are available
through Provident Investment Center and leases through Court Square Leasing and
Provident Lease Corp. Visit Provident on the web at www.provbank.com.