PRESS RELEASE


PROVIDENT ANNOUNCES DELAY IN FILING QUARTERLY REPORT ON FORM 10-Q FOR SEPTEMBER
30, 2005

DELAY RELATED TO CORRECTION OF DERIVATIVE ACCOUNTING TREATMENT

BALTIMORE, Nov. 10, 2005 -- Provident Bankshares Corporation (Nasdaq: PBKS), the
parent company of Provident Bank, announced today that it will delay the filing
of its quarterly report on Form 10-Q for the third quarter of 2005. This action
is the result of a current review related to the accounting treatment that the
Company has applied to certain derivative instruments that are covered under
Financial Accounting Standards (FAS) 133, "Accounting for Derivative Instruments
and Hedging Activities." The instruments in question involve derivatives on
which the Company has utilized the "short-cut method" of hedge accounting. This
review is being conducted in consultation with KPMG LLP, the Company's
independent registered public accountants.

Although the review is not complete, the Company expects that it will have to
restate certain prior period financial statements. Any resulting financial
statement adjustments are expected to be non-cash. Also, in light of the
foregoing, the Company may revise its previously issued earnings guidance.

About Provident Bankshares Corporation

Provident Bankshares Corporation is the holding company for Provident Bank, the
second largest independent commercial bank headquartered in Maryland. With $6.4
billion in assets, Provident serves individuals and businesses in the key urban
areas of Baltimore, Washington and Richmond through a network of 151 offices in
Maryland, Virginia, and southern York County, PA. 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 http://www.provbank.com.
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This Press Release, as well as other written communications made from time to
time by Provident Bankshares Corporation and subsidiaries (the "Company")
(including, without limitation, the Company's 2004 Annual Report to
Stockholders) and oral communications made from time to time by authorized
officers of the Company, may contain statements relating to the future results
of the Company (including certain projections and business trends) that are
considered "forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995 (the PSLRA). Such forward-looking statements may
be identified by the use of such words as "believe," "expect," "anticipate,"
"should," "planned," "estimated," "intend" and "potential." Examples of
forward-looking statements include, but are not limited to, possible or assumed
estimates with respect to the financial condition, expected or anticipated
revenue, and results of operations and business of the Company, including
earnings growth determined by using U.S. generally accepted accounting
principles ("GAAP"); revenue growth in consumer banking, lending and other
areas; origination volume in the Company's consumer, commercial and other
lending businesses; asset quality and levels of non-performing assets; current
and future capital management programs; non-interest income levels, including
fees from services and product sales; tangible capital generation; market share;
expense levels; and other business operations and strategies. For these
statements, the Company claims the protection of the safe harbor for
forward-looking statements contained in the PSLRA.

The Company cautions you that a number of important factors could cause actual
results to differ materially from those currently anticipated in any
forward-looking statement. Such factors include, but are not limited to: the
factors identified in the Company's Form 10-K for the fiscal year ended December
31, 2004 under the headings "Forward-Looking Statements" and "Risk Factors";
prevailing economic and geopolitical conditions; changes in interest rates, loan
demand, real estate values and competition, which can materially affect, among
other things, consumer banking revenues, revenues from sales on non-deposit
investment products, origination levels in the Company's lending businesses and
the level of defaults, losses and prepayments on loans made by the Company,
whether held in portfolio or sold in the secondary markets; changes in
accounting principles, policies, and guidelines; changes in any applicable law,
rule, regulation or practice with respect to tax or legal issues; risks and
uncertainties related to acquisitions and related integration and restructuring
activities; conditions in the securities markets or the banking industry;
changes in the quality or composition of the investment portfolio; litigation
liabilities, including costs, expenses, settlements and judgments; or the
outcome of other matters before regulatory agencies, whether pending or
commencing in the future; and other economic, competitive, governmental,
regulatory and technological factors affecting the Company's operations,
pricing, products and services. Additionally, the timing and occurrence or
non-occurrence of events may be subject to circumstances beyond the Company's
control. Readers are cautioned not to place undue reliance on these
forward-looking statements which are made as of the date of this report, and,
except as may be required by applicable law or regulation, the Company assumes
no obligation to update the forward-looking statements or to update the reasons
why actual results could differ from those projected in the forward-looking
statements.

In the event that any non-GAAP financial information is described in any written
communication, including this press release, or in our teleconference, please
refer to the supplemental financial tables included with this release and on our
website for the GAAP reconciliation of this information.